| 60 min OEX Resistance -The 60 min OEX is revealing
further resistance just north of the present price
of 729. With this resistance being so obvious, and
the fact that the bears will still attempt to sell
at resistance, this may be enough to encourage the
bulls to continue buying. This of course is contrarian
thinking and we certainly fall into this category.
The OEX broke through the first descending trendline
and is now approaching the second one from 10/9.
Also, the dark blue line illustrates the horizontal
resistance that was tested last Friday and early
this Monday. One further note: The OEX is above
it's 5 and 10 day moving averages. We have not seen
much of this type of positive trading in some time... |
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