Wednesday, August 22, 2012

Short Term Follow Up

We printed a doji today with a lower high and lower low. We did see a bounce off the R1 1405 area I mentioned yesterday.

My guess is tomorrow the Bulls will try to run it back up to the top of the channel early. My inclination is to short that as I don't think they have the firepower to break through R2 at 1431.
I also see MACD rolling over as well as declining RSI

A stop will be placed 1433 in case I am wrong

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