Friday, March 25, 2011

First Attempt Rebuffed

Price fell back after making it's first run at the long term resistance level.  I think it'll give it a go again...perhaps after a bit more of pullback...or perhaps with enough optimism at the start of next week they can gap up further into the resistance area.  If they do, they'll have to get above 1316.25 in order to have any chance at holding in the zone.

Chipping Away at Resistance

As anticipated, price has managed to work its way back to the area of long term resistance.  Buyers are chipping away at supply.  It'll be interesting to see how this plays out...

A closer view of the intraday action.