akats Posted February 4, 2012 Share Posted February 4, 2012 S&P 500 – Prices produced a candle in Star position below support-turned-resistance at a rising trend line set from late December, hinting a pullback may be on tap ahead. Initial support lines up at 1302.90, the 23.6% Fibonacci retracement. Major near-term resistance stands at 1334.40, the January 26 high. CRUDE OIL – Prices continued lower after clearing support at 97.70, with sellers testing the previously broken top of a falling channel set from mid-November recast as support (now at 95.55). A break below this boundary initially exposes the 93.90-93.35 area. The 97.70 level is now acting as near-term resistance. GOLD – Prices took out resistance at 1746.10 to challenge the December 2 swing high at 1763.00. A break above this barrier exposes the November 8 top at 1802.80. The 1746.10 level has been recast as near-term support, with a break back below that exposing 1720.38. Quote Link to comment Share on other sites More sharing options...
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