May 24, 2011

SPY AT Channel Bottom

CHART-II
  • As discussed below price has reached the support line of the channel
  • Now if price does not break the support line we may see price moving up and filling the GAP.
CHART-I
  • Hour chart shows price moving in a channel with negative bias.
  • Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.

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