BB's Stock Haven

[day_traderNY]

We had called for a major change in trend for today we felt that if we were going to see prices recover it would happen today at around our price range of 1600 1590 if we saw further action.

We saw low today of 1598.23 only a 1.77 off our 1600 target but prices hit perfectly our trend line and had bounced from the lower channel line. We believe this could extend into the 1630 range where traders need to be mindful of the prior resistance at that range but any break there could make it go as far as 1640 we are we would expect some significant resistance.

As prices try to retrace traders need to be mindful of the fact that we have been in a corrective action and momentum or commitment to the bull move will be necessary to try to get back to the prior highs. Traders need to be mindful of the potential for the resuming of the downtrend if momentum weakens.