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Sunday
Sep102006

BTJ -Support and Resistance-Oil...

DateSunday, September 10, 2006 at 02:22PM

BTJ and support and resistance.........Please notice BTJ on friday dipped to the 16.61 level then the body of the candle finished right on  the 17.00 support. REMEMBER all past support lines now become resistance.For this reason BTJ probably does some consolidation here. I SUSPECT though...that a five down off the high is close to complete with the hanging man candle last hour of friday. So now I am thinking an a-b-c upwave.

For this reason many will step to sides here and allow BTJ to either fail or take out resistance but ready to grab it on the breaks.

Another factor worth noting is the overlaid BTJ daily upon the WTIC (crude oil) daily. BTJ starting performing parallel to oil at beginning of 06. The one diversion is when BTJ started its IBD run. That divergence is slearly over now and if oil moves up I would think BTJ moves with it. It is also worth noting that the WTIC weekly sits squarely on its 55 ema a point where it has rallied in the past........

Please keep in mind this information is all from a chart perspective.

WTIC weekly with BTJ as black line and 55 ema

 

 

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