Wednesday, May 4, 2011

Trade Guideline for Thursday

Wednesday's price action was as I expected per my prior blog, downtrend in the morning then reversed up after breaking below prior day low to close near the open.

On a daily chart we have a doji candlestick, implies the market is in balance. The next day price action in relation to the closing price zone is key for determining the next day trend bias.

I will use 2388 as my key inflection point for Thursday, bullish bias above, bearish bias below.

  • Upside Targets are 2395, 2402, 2410
  • Downside Target are 2380, 2375, 2365