Yes, but UYM closed on the lower trendline of the channel. It
has support at 26.00 but I hope it would not drop there. I let my
position go against me without bailing out, as there was not much
difference between the previous low and the low of the day today.
Now the trend line from July lows is higher and is likely to cap
the bounce.
It looks like the gap support was targeted with today's drop,
perhaps to remove the remaining longs there before reversing.
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Yes, but UYM closed on
Posted by junkie on 29th of Jan 2010 at 10:56 pm
Yes, but UYM closed on the lower trendline of the channel. It has support at 26.00 but I hope it would not drop there. I let my position go against me without bailing out, as there was not much difference between the previous low and the low of the day today. Now the trend line from July lows is higher and is likely to cap the bounce.
It looks like the gap support was targeted with today's drop, perhaps to remove the remaining longs there before reversing.