Sunday, June 08, 2008

MET Analysis for 06.08.2008


Monthly chart shows that the bulls have been unable to take price higher in the last 5 months. No buy signal in place as of yet.

Weekly chart shows that the last move up off the January 2008 low was consolidation. Last week's trading session brought out the bears, who took the price down below short term support. Look for re-test of the January 2008 low, and then a break lower.

Daily chart shows the bears were in a hurry to exit their positions, as they gapped down the price at the open, and sold off hard into the close. Current support is the .618 fib level. Look for continuation lower, once consolidation is complete.

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