SPI trading 24th Dec 2007



10:43

Expectation that whilst price is trading below 6377 and the Weekly 50% level, the market is moving into a 2-day reversal back down before any uptrend resumes.

Push upwards and R11 reversal matched the Weekly 50% level.

Entry 6377

Partial exit 6362 and moved stops at 6381.

Note: Previous R87 high 6359, and previous R44 high is 6360...

Around these levels can often provide support during the trading day...

Ideally I would like to see a 44 point reversal, and then continue down on Thursday back into the 3-day breakout @ 6269