The S&P Index broke below the T1 trend line on the mid-term and created lower lows as the Stochastic oscillator stayed in the oversold area for a few days.
In the past few days a bull channel has been created and the price action resembles to a corrective move. The Fibonacci retracement levels are representing resistances for the price and the overbought condition for the stochastic oscillator represents a potential sell signal.
However, in these days the market is driven by the company’s earnings for the first quarter of 2012 and most of them were above expectations until now.
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