240 Minute Bars

Prepared by Jamie Saettele, CMT
“The combination of price pattern since the late February top and key reversal on Friday warrants a bearish stance against 8320. Resistance from December and the 100% extension of the 8471-8061 decline at 7878-7908 define the target area.” 7908 intersects channel support on 4/30. Near term resistance is 8190-8235.
Bottom Line (next 5 days) – lower