Wednesday, July 16, 2008

Key Level

Key upside levels:

1.5884
1.5899
1.5921
1.5942
1.5958

Key downside levels:

1.5832
1.5804
1.5791
1.5772
1.5753

Liquidity is extremely low. Overall price action is to the upside right now but could easily change after 0300 EST.

If we can break through the 5850 level, the next struggle will come at the 5880 level. If we can sustain a break there, the market will likely move on to take out stops above the 5910 level.

On the upside, there should be a struggle in the 5920. Real time price action and momentum will show whether or not we can move beyond.

On the downside, 5800 should provide stronger resistance. Below the 5780-5750 levels will be many stops that may need to get taken out, but I would suspect there to be buyers down there as well.


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