How we approach these multi year highs is what is important. I'm thinking those who believe in the lipstick on the pig idea are going to be selling into strength. The others on the big money lever are going to be pulling hard on it for all their worth, trying to get over the 62.75 up to 64 or 65 I'm thinking. Big gap could equal trend day...we've had two tries at the high pre-market, the higher being 56.25, a couple points shy of the important high to beat at 58.75..if thats it, along the lipstick idea,, I think their will be some good selling. If we power onward and upward, 64-65 is the top of linear regression channels on the daily as well as the 3RB extension of yesterday's 24 hr action. 44 is the downside volume control point for the week in April this year where these prices were last visited...and oddly enough, 44 is the 200 MA on the 5 min chart right now....how do they do that??
Wednesday, October 13, 2010
How we approach these multi year highs is what is important. I'm thinking those who believe in the lipstick on the pig idea are going to be selling into strength. The others on the big money lever are going to be pulling hard on it for all their worth, trying to get over the 62.75 up to 64 or 65 I'm thinking. Big gap could equal trend day...we've had two tries at the high pre-market, the higher being 56.25, a couple points shy of the important high to beat at 58.75..if thats it, along the lipstick idea,, I think their will be some good selling. If we power onward and upward, 64-65 is the top of linear regression channels on the daily as well as the 3RB extension of yesterday's 24 hr action. 44 is the downside volume control point for the week in April this year where these prices were last visited...and oddly enough, 44 is the 200 MA on the 5 min chart right now....how do they do that??
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