SPI Daily 27th April 2010 recap

Expectation that price should push upwards early and complete the range @ 4917, and then follow a short-term resistance pattern of 21 to 42 points.

Resistance 4925

Support 4880.



SPI Weekly and range.

Today:- Early rise and reversal pattern from the R42 high down into support @ 4880 and a 21 point upswing off the low and then a rejection @ 4900 and more weakness.


SPI is currently following the reversal pattern from the April highs towards the Monthly 50% levels, and with only a few days remaining most likely the 50% levels in MAY.

Support at the previous Weekly low @ 4863 has seen a short-term counter-trend move into the Weekly 50% level and a continuation back down as part of the larger trend reversal.



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