Friday, July 13, 2012

Mid-morning update for Friday the 13th

Price has done what it should and blown through the multi-day MA en route to the multi-week MA.  If this morning saw a 24Hr low on 24Hr MA support then the market could keep running until the close.  I have sold half of my long positions from yesterday here at the multi-week MA as it is a logical place for price to rest.  I would expect any pullback today or Monday to find support in the area of the blue MD MA; this would provide a good buying opportunity as price continues to rise next week into its MW high which is projected for next Friday.

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