Hi everyone,
I’m sorry but I have to keep tonight’s post short.
Today the market took the bounce I predicted last thursday, and MON took a BIG jump up.
However, the jump really didn’t change anything technically. The rally paused just short of the 50% fibonacci retracement from the October 14th high of 86.79 @ 83.68. I’m going to leave the current stops in place, and they match up well with the current fibonacci 61.8% level at 87.09. Today’s jump did occur on strong volume so we’ll be sure to honor our stops since they should signify a change in trend for this market.
happy trading.
-Steve
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