Sunday, May 04, 2008

$RUT Update for 05.04.2008


Monthly chart shows bulls managed to hold the March 2008 low support. Current resistance is right at the 8ema and 34ema.

Weekly chart shows the index finding resistance at a key LIS where "old support becomes new resistance".

Daily chart shows profit-taking on Friday. Possible 5 waves up into LIS. Expect further profit-taking next week as likely.

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