Support and Resistance Trading Forum

Re: July Copper *PIC*
By:Alan C.
Date: 6/15/2009, 11:53 pm
In Response To: Re: July Copper (Deadlydoggy)

Good point about the bounce that didn't happen, DD. Not so good point about support and resistance, because lines of support and resistance "work" both ways: (1) They can be anticipated (not predicted) to hold; i.e., stop or slow a move in one direction or another; (2) In recognition of the fact that ultimately they won't hold, such events are indicative of strength in the direction of the breakthrough move.

Re July Copper's lack of bounce today off of the up RSI trendline, my interpretation is that the down move will continue (perhaps to 224 or 220). (Copper might retrace some on Tuesday, but the near-term trend is now down.) An additional indication that the down move will continue is the breakthrough of an extended down RSI trendline during the same trading session. In spite of these indications, this is not to say (unfortunately) that I can be certain of this prognosis. I can only feel somewhat confident that my prognosis is more likely than otherwise to coincide with what will actually happen in the next day or two.

Responses To This Message

Re: July Copper *PIC*
charleydan -- 7/15/2009, 6:18 am
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