Friday, May 29, 2009

Market update - May 29th '09

Would be a good time to go on a long weekend today, as there is very little to add about these markets.

One can just notice a narrowing of the range, indicating a possible breakout either way. The daily chart still points for a retracement as mentioned in previous reports.

Look for breakout immediate targets around 882 on the downside, 920 in the upside, still within our daily range, hence still in the same congestion. Ultimately, retracement is still our favourite scenario.

( posted 6:55 AM UK )