Monday, May 13, 2013

Guideline For Tuesday

Slow short-covering rally continued on Monday, but the uptrend is starting to look really tired and could go into a 2 to 3 days pullback decline.

Key Support Level For Tuesday is 2970 area.
-- As long as pullback down does not clearly violates key support level, short-covering rally should continue, next resistance is 2995-3000.
-- However, a clear and sustained break below 2970 could trigger algo selling, with first support at 2952.
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