Monday, July 26, 2010

Update 3

I know, It's getting to the spam level. We got the break off the negative divergence and the trendline I mentioned, it was a minor move so volume didn't pick up much on the break. For the rest of the day, here are the intraday resistance levels you want to watch and the volume if/when they break. If you see a lot of volume on the break, you know it's an important level and should provide resistance. Here they are:

The $111.15 level which is being broken now as I can not type fast enough (I only use two fingers-it's the hunt and peck typing method). Volume picked up moderately.

$111.00-this is a whole number and will bound to be an important level. Watch for volume there.

$110.80

$110.50-$110.60 area

$110.00 This is the really important level and after the level above ($110.50) is broken, there's not much in the way of support until $110 so if volume picks up at the $110.50 level, we could very well see a move right on down to $110 which is very important as it represents th Bull trap I've been talking about.

If you do not have a charting system to watch this, then the only FREE charting system that I know of that is in real time with a lot of great indicators is Worden's www.FreeStockCharts.com

Everything else web-based that is freee has a delay of up to 20 minutes. FreeStockCharts requires that you install Microsoft Silver Light, it will do it automatically and coming from Worden you can trust it.

If you want charts with serious capabilities, like the ones I use, then click on the tabbed links at the top of the page to TeleChart or StockFinder (please let them know that Trade Guild sent you as I'm an affiliate, but before that a long time user-about 10 years now).

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