Saturday, November 19, 2005

The Week Ahead

Ok, time for my weekly rant then.

The one hour chart still has room for more downside testing the lows of last week then along with the daily chart chart which is showing some positive divergence and an extreme cci for an upward pop to 1.7230 possibly even 1.7500

More downside is seen reaching for 1.7000 which is the 200 sma on the weekly chart - here it should find some support and may hang around here for a day or two.

I dont think it will hold, the monthly chart is convincing me that a run down to 1.6654 is on the cards before Christmas or soon after but we may well see a significant rise before that comes as the 200sma on the weekly causes a bounce

as always this is for entertainment purposes only and does not constitute advice to buy or sell - trade what you see.

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