Wednesday, July 25, 2012

GU 25 July - smaller bounce key level?

GU stopped at 5500 on 23rd July with a large negative close candle, followed up yesterday with a shooting star that could not go lower. The failure of a good candle to go lower should raise some questions. Obviously 5500 is a key level, I'd also suggest the lower bounce from this level this time does suggest it may fail and go lower.



Potential to go either way today, should a move up fail below 5550 then I'd suggest the 5500 level will fail.

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