Wednesday, May 12, 2010
Top40 30minutes chart
After massive drop we had late last week, market is trying to bounce. So, let’s see what the chart is telling us:
Top40 is currently trading just below trend line that signals down trend. Horizontal resistance around 24700 is broken and the next one is around 25300, but for that Top40 must break trend line first. Above 25300 there is a trend line which is currently around 25800 and one more resistance around 26000.
On down side, 24700 became support now, with trend line (not major) around that level too. Lower support levels are at 24200, 23850 and 23450.
Trade with trend!