cheers for sharing ur thoughts, mrm looks to be heading for longer term (30-50day) supports which as you say will compress as the SP approaches, and that may be a good time to buy, at the moment mrm seems to be in an upwards channel, but is heading for the lower trendline. some may wish to put a stop just under it to be safe imo. SXY broke to the downside of a symmetrical triangle, which is odd, may wish to look for a busted downside break imo, volume dropped nicely as apex approached but the breakout didnt really come so just dropped out of the triangle, sym triangle usually breaks as a continuation pattern especially early in a new bull trend, SXY could make some very nice gains from here if this is the case, similar to recent moves on gold. both oil and gold are coming off lows I always thought both went up together and that recent movements were against that trend, when the market feels a little more comfortable with poo the oil co's will re-rate, $50 could be that psychological barrier, perhaps $60 will see things heat up, given we reached conventional peak oil, price goes up or there's going to be a massive shortage, and then the price will go up. still waiting for that gas pipeline deal though...
MRM Price at posting:
44.5¢ Sentiment: None Disclosure: Not Held
