"your emotions play little role in the trading" -John Porter
My favorite technical analysis website, tsupitero.com, offered some good news based on last weeks numbers. He says there are signs that the downtrend may be reversing itself but there is no reason to be complacent about it. We must still take caution.
In his weekly analysis, he pointed out that the market must break about 3400/3500 before we're to see any certainty in the reversal. He said that many have positioned themselves at this level and are waiting to sell when it returns there. I smirked when I read this because I'm among those who positioned at that level. Anyhow, I'm not too keen on selling everything right away when it hits that level. I will likely just lighten to join in the some of the short action or keep my positions long :)
On the other side of the coin. Tsupitero says we are to watch out if prices immediately retest the lows of 2950 and 2875. If that happens, I'll be playing a much longer waiting game.
My favorite online trading company, citisec says to wait for a clear and successful double test of support or a higher low. Am just not sure what level of lows they are talking about. I'm guessing 2900. :)
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