Tuesday, March 6, 2012

Market update - Bearish

Market didnt bounce yesterday off the tradeline on the crossing of 8.85 euro finishing the day with rather negative sentiment.

With weakening EURUSD today, softer German power prices, US market set to open in 'red', European indexes being on average 1.5% down - it all adds to further bearish mood.

As one can see on the chart, the last 4 sessions have drawn a 'head-and-shoulders' formation with the right shoulder closing today. Market is now close to recent low of 8.45 euro.

We see a range for today between 8.36 and 8.71 (ignoring the opening @ 8.80 euro)

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