Monday, September 28, 2009

Today's Markets

Prices rebounded today on M&A news. Notice that prices moved to the 61.8% Fibonacci line and the sold off a bit.

1.) Prices gapped a bit higher at the open.

2.) Prices moved higher with strong bars on (3) higher volume.

4.) Prices consolidated moves higher.

5.) Prices found upside resistance at the 61.8% Fibonacci level.

On the daily chart we have good and bad news. The good news is prices rebounded from technically important levels (an upward sloping trend line). The bad news is occurred on low volume.