Resistance?: November 25th, 2008
November 26, 2008 – 5:53 pmDow closed just below another fibonacci retracement value based off of the 1932 great depression lows and 2007 bull market highs. We are also approaching the top end of a descending channel, which uncannily is at a criss cross of the fibonacci retracement value. We could see a pullback, but it looks like many people are back in that bullish euphoric state. Idiots……
Well folks….you know the old saying, if you can’t beat ‘em, join ‘em. Watch for a break tomorrow of the 8790 Fibonacci retracement level, we could see a multi-week long rally up to the next fibonacci retracement value of 9761. If a break of the 8790 fibonacci retracement value is broken, there are many money making opportunities, primarily commodities and tech. With this in mind here are a few charts of some commodity stocks.
Alcoa (AA): Watch for a break of the descending channel
Freeport Mcmoran (FCX): We are seeing intersections of some trendlines as well as a slight bounce of a descnening wedge line.
