February 18, 2011

Trend lines of SPY

  • First chart is the daily chart of SPY shown with the trend line in daily chart. Bulls will remain strong above this trend line.
  • Next chart shows the channel in weekly chart. Price is moving towards the resistance line of the channel. If price does not violate the trend line drawn in daily chart it will target the resistance line shown in weekly chart, which can take SPY above 139 levels approximately.
  • Weakness will be seen only if the trend line in daily chart gets violated.

No comments:

Post a Comment