Market Analysis for Apr 27th, 2005
For today's Mid-Day Minute, Mike writes:
The Q's pattern remains messy, still counter-trend,
but incomplete to the upside- according to my work.
If that proves accurate, then the upmove that started
after this AM's low at 34.73 should climb at least to
test the April resistance line, which cuts across the
price axis this PM at 35.60, and could pop to new
recovery highs in the 35.80 area prior to my expectation
of a nasty downside pivot reversal that initiates the
next downleg in the dominant, intermediate term
downtrend. For now, however, my near term work
points to additional upside grind, which is keeping
me probing the long side for "swing trades."
MJP 04/27/05 12:20 PM ET 35.11
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