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The Phisix monthly chart - updated
12/5/2011
Hesitating at the 4394 Level
charts are courtesy of Metastock
After the big rally last October
from its support at 3700, the bulls have begun hesitating and is now
encountering resistances at the 4394 level. Could this mean that prices
will now drop back down to 3700 once again? Honestly, I'm just not too
sure. With the market currently in the middle of its 3700 to 4625 range,
anything looks possible. It could be that prices will now drop back down
to 3700 or it could also be that prices is just currently taking its
breath and will eventually continue to climb and head towards the 4625
level. Because we are now in December, which is normally one of the
least bearish months in the calendar, I would tend to think that the
next move will be to the upside. Of course, it will be a very different
picture if prices suddenly break below the psychological 4000 level
within this month. In the big picture, I don't see any trends for now,
it's just a big range still.
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