Near Term Trend: Neutral to Positive
Friday’s Close: 354’2 (+ 5 cents)
UPDATE: Our theme for the last four weeks: “The “V” bottom continues to remain intact and act as a catalyst for the rally during the last few weeks; The overall pattern for the last eight weeks now resembles an inverted Head & Shoulders pattern.
Quite bullish as long as support at 327’0 holds”.
In addition, and based on our proprietary resistance line, we stated, “Resistance at 356’0 is an important hurdle if this market is to eradicate the weakness for the last for months”.
Based on Fridays price action, the market violated but could not quite settle above our key pivot.