Friday, October 15, 2010 8:58:57 AM
Re: ERX
Hi, 3x!
Agreed. Significant resistance on two technical grounds: First, 61.8% Fib level reached on recent swing rally (April high/July low); Second, $38.75 has served as a significant R/S level.
Secondary indicators are taut to the overbought territory. The chart is technically biased towards a decline. Whether it be merely unwinding vs. a reversal remains uncertain at this time.
Fundamentally, lots of data and anticipated Feds sentiment on the docket this Friday.
- Dalcindo
Hi, 3x!
Agreed. Significant resistance on two technical grounds: First, 61.8% Fib level reached on recent swing rally (April high/July low); Second, $38.75 has served as a significant R/S level.
Secondary indicators are taut to the overbought territory. The chart is technically biased towards a decline. Whether it be merely unwinding vs. a reversal remains uncertain at this time.
Fundamentally, lots of data and anticipated Feds sentiment on the docket this Friday.
- Dalcindo
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