Saturday, January 26, 2008

$RLX Update for 01.26.2008


Monthly chart shows the index found initial support off the .618 fib level of the last move up from the October 2002 low. No buy signal/pattern evident on this timeframe.

Weekly chart shows bulls tried to take this higher, but were soon met with resistance from the key LIS of 410.75 area ... where "old support becomes new resistance". Needs to clear this resistance before it can go higher. No buy signal/pattern yet on this timeframe.

Daily chart shows the index closed below the small key LIS of 398.61. Watch next week's trading activity to see whether the index will be stuck in a trading range or not.

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