actio-et-reactio
Balance is but a brief transition between extremes.
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Wednesday, March 12, 2003
Wednesday, 12 Mar
Close: The intraday reversal wiped out the bearish drop handily, and left in its wake a bullish candle bounce off the large daily fork: this is a position buy. With good follow-through, there is also a positive divergence on the short-period RSI-7. There is still risk in this market, so a tight leash is warranted, esp. as 15m chart is quite overheated & looking for a pullback. Overhead resistance will be a challenge (See daily chart). What was support during the 'congestion trap' becomes resistance. If it proves tough, yet another congestion trap could ensue. But that is purely speculation at this point. Let's see what price brings.
Earlier: Dropped another support level tier on the 15m based on the recent price range [but the reversal re-engaged the prior range]. Price is in the reversal range of the daily large fork, but a strong close (ie, not a red bar) is desired for a 'longer term' play [got this], meaning a rebound here is likely but look for divergence [so far, got this too w/RSI7] or follow-through for a position play.
Labels: market-calls-dated
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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