Thursday, May 16, 2013

5/16/13: 1640 Support

We have a confluence of support zones coming up at 1640.
1.  50MA hourly at approximately 1640
2.  Channel support dating back to 1536 low.  This is approximately 1640.
3.  Breached resistance and now pullback to support at 1640.

The CCI 8 recorded a low of -200+ which is the lowest in the past month and half.  This goes to show that a 0.50% pullback relatively speaking was significant.

Thursday was the high of the cycle as noted earlier.  Friday into Monday it seems the cycle is pointing lower.  I am however on the lookout for 1640 as a likely support area for the coming ramp up into 1670-1680 next week.

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