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Market to see more upside next week
31 May '08
2 min read
Technically, the MACD crossed back down this week and we are hovering near long term support set back in December at 66.00. RSI is currently at 29% and the specs are down to 7% long. However, specs and index funds are adding to short positions and we may see the spec position cross into negative territory next week for the first time in over a year.
As demand remains hand to mouth and the trade are more vulnerable after the market spike in March, we may see more bearish options that could trigger new spec sell stops. We need to break out of Wednesday's intra day trading range of 65.11/67.20, but the nearby trend is to go lower.
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As demand remains hand to mouth and the trade are more vulnerable after the market spike in March, we may see more bearish options that could trigger new spec sell stops. We need to break out of Wednesday's intra day trading range of 65.11/67.20, but the nearby trend is to go lower.
Click here to view more:
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