Monday, October 31, 2011 4:06:23 PM
1.08 has held strong today as a support line and technically speaking if anything was going to break it, that should have been the sales volume at EOD today. Instead EOD couldn't even touch the 1.08 because someone put a large buffer at the 1.09 and hit the 1.10 with matching perhaps even overmatching buying volume.
Two items to look for next. We were capped at $1.16 for the majority of the day. We need to break that to know that we have absorbed the majority of the profit taking volume. After that the resistance band hovering somewhere near the $1.19-$1.22 should have reformed. We will want to break that also to confirm positive trending.
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