- QQQQ Hour chart is trading above the cloud.
- Price is near its resistance level at 57.26
- If price closes above this level we may see 59 levels in the coming days
- getting resisted here will be negative
- SILVER DESCENDING CHANNEL
January 27, 2011
- First chart shows a target of 5550 Only if the recent lows are taken out.
- If 5750 is taken out first we may not see new lows in the short term. A firm close above 5750 will target 5863 and higher.
- Tuesday was a bearish engulfing day. We have to see if it shows its effects today. Normally this candlestick pattern is effective at the top of the trend.
- GOLD NEAR SUPPORT LEVEL
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