8.16.2012

Seems a baby symmetrical triangle top/pennant seen above a mother symmetrical triangle top/pennant. That suggests bulls might try 1412.00

12.20pm Update
May be the top of the day (intraday top) is imminent. I suggest somewhere around 1414.07.
Only recommended for closing the long positions.
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Looks like a baby symmetrical triangle top/pennant (blue color) sitting above the mother symmetrical triangle top/pennant (yellow). All of them are inside a rising channel favoring the idea that bulls would like to try the upper side for next moves.
Yesterday's small gap down was bought and it has been 4 days we see higher lows.
If price breaks out the baby pennant, the order of resistances bulls would try will be 1410.03, 1412.00 and 1414.30 before the target 1420.00.
For the bearish scenario the 1st support would be 1341.50 before a stronger support in the area 1396.96-1399.66 and the strongest 1388.97.


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