Wednesday, June 22, 2011

Transports, AAPL and RIM

Research in Motion ( a downward motion...)
  • Gapped below channel--watch for possible island reversal
  • ADX pivot--possible exhaustion
  • Harmonic support between 18-22

  • Trading at the bottom of channel - a trade > $330 would be constructive.
  • OBV broke support but has hooked back up
  • RSI oversold

Dow Transports
  • tested bottom of channel
  • OBV very impressive--bullish
  • RSI was oversold and has turned back up--bullish
  • A break above diagonal resistance 'X' would be quite bullish for the entire equity sector--a break to new highs would be EXTREMELY BULLISH

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