12950 was supporting the market well despite increase in distribution effort. Market participation was low though, and shortening of thrust from high to high observed = waning upward momentum.
Possible scenarios: 1) Market stuck in a 250pt range, wait till supply/demand is resolved Then: 2) Breakout of upper boundary to test 13740 = long at support of upper boundary of range 3) Breakdown of lower boundary of range = Short on rejection of 12950
Volume Analysis: Weekly = Ave vol narrow spread up bar close off high = Minor weakness Daily: Higher vol narrow spread down bar close away from low = minor demand
Price reaction levels: Short on Test and Reject | Long on Test and Accept
14361 13740 13550 - 137440 12950 10710 - 11068
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