| $Compq- trendline broken |
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| Written by Gary Caumont | |||
| Monday, 26 July 2010 06:20 | |||
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We broke above the intermediate term descending trendline, retested it and continued up to close at 2269, close to my 2270 target. See the following 16day 30min chart. We could see a headfake higher but I'd expect some pullback here not to exceed the lower trendline of a possible short term ascending channel. Comparing the angle of the present channel to the previous notice how the up move appears to be losing steam. A break above the upper trendline that sticks invalidates the channel and puts the bulls firmly in control.
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| Last Updated on Monday, 26 July 2010 06:24 |