SPI Trading 25th January 2008 part 4
14:28
Covered last @ 5740
Analysis:- Failure at the 3-day highs after such a big move, price can continue lower into the close.
Two possibilites coming into the last 100 mins of trading :- A swing upwards from an R44 low (2.50pm) and heads upwards closing above the 3-day highs. (expectation of a down move next week after change of cycle)
Or it can move down into the close back towards 5715, and even close the gap @ 5580 either late or overnight if US markets move down...
Blow-off top @ 5771
I'll let the market play out this afternoon, but whatever it does it won't surpise me either way....
Posted by
Frank Dilernia