240 Minute Bars
Prepared by Jamie Saettele, CMT
My last comments were that "the spike under the September low probably cleared the market of weak longs so beware of a pop into 1600 before sellers return." Price has reached 1600 but a closer examination of the technical evidence suggests that stronger resistance may not come in until 1630/40. This level is defined by the 20 and 200 day averages, 12/21 high, and channel resistance. Supports for Thursday are 1594 and 1583.