Wednesday, December 16, 2009

Update - gap down dow jones (dji30) oil holding gains.

While I was away I noticed a gapdown in 30m timeframe from 10438 to test short-term support at 103868. Dow looks oversold in 30m time-frame but daily has room to drop should a bear course take hold. Meanwhile oil (wti) is holding onto gains with room to climb in daily time frame. By just looking at the moving averages however I think it's possible oil could retrace a bit but I wouldn't jump in on any shorts just yet as it's above pivot and in bull trend so all dips should be considered counter rallies above 71.89.

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