Thursday, August 19, 2010
RedDirt Update
The path of least resistance is to the downside. Trendline support from the March '09 bottom to the low of July '10 is around 1032.75 on the September futures contract. Resistance remains at the 1130 level. What I think will happen is a slow drift lower to around 1040-1045 in early September for a seasonal low. What I THINK and what HAPPENS is relative to reading the chart on a daily basis. So tomorrow things will probably change!
We could easily see a bounce to the 1094.50 level in the futures. I'll be trading off 512 tick and 3200 tick charts along with watching the hourly with pivot points.
For the Joe's out there, Support @ 1032 and Resistance @ 1130.
So, what I said weeks ago about being range bound is still intact. The last four months have been a option writers delight.
We could easily see a bounce to the 1094.50 level in the futures. I'll be trading off 512 tick and 3200 tick charts along with watching the hourly with pivot points.
For the Joe's out there, Support @ 1032 and Resistance @ 1130.
So, what I said weeks ago about being range bound is still intact. The last four months have been a option writers delight.
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