Friday, July 22, 2011

Market update July 21, 2011

After 3 days of progressively lower volume rally market continued higher but this time on higher volume. Intra-day majority of volume was concentrated in the first half of the day and 134.75 was a significant level of resistance which market couldn't cross. Today's close is 2% from the current bull market high of 137.18.

How the price reacts around the previous swing high of 135.71 will determine the direction. From the current trend it appears that a breakout is imminent, but anything can happen.

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