Market Analysis for Dec 10th, 2004
The coil pattern continues...and continues...and yes, continues -- DESPITE the downside reversal in oil prices. The Qs have tried three times today to hurdle and sustain above 40.00 -- all unsuccessful thus far. In the past few minutes, the Qs have weakened a bit, now testing the micro trendline support level of the coil at 39.90. If violated, let's see if the Qs can follow-through to test more important lower support at 39.84. Only a break below 39.84 should trigger more serious pressure -- into the 39.60 area thereafter.
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