OutLook for 4/6/11 : EdgePlayerTrading

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OutLook for 4/6/11

by EdgePlayer on 04/06/11

Market now poised to test year-to-date high on continuous contract at 1338.    The ellipse on the YTD profile shows shows that  the recent sell off stopped just short of the  single TPO area at 1241 on continuous contract.  This suggest the formation of an upper distribution area. If so, expect tests of the YTD high to fail.

WTD chart indicates price is in a up channel and confirms a test off 1338 likely.  Watch pullbacks to support for possible long entries that anticipate the test.

 

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