Update for: 2012-01-02 - 2012-01-08
Posted on: Monday, 02 January 2012 16:52
Short-Term Trend: downtrend
The sharp decline in the last trading day of 2011 signals the Short-Term and Medium-Term downtrend has resumed here. A decline below 76.60/50 will confirm and will likely bring the expected weakness twd 74.50/40 1st and then to 68.70 eventually.
On the upside, only a move abv 78.20 will negate this view and will risk one more rise twd 79.00 before down. With this in mind, lowering the stops to 78.20/30 makes sense to me.
Strategy: Holding short from 77.80 is favored. Stop=78.30. The downside target is near 69.00 eventually.
Next Update: Sun, 01/08/2012.
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