kungfuguo

SI 7/21/2013 (weekly analysis)

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I plotted the chart on the Fib grid to analyze support and resistance levels. As you can see here, $95 ( 38.2% retracement ) has been the strongest near term support, followed by $101 ( 50% retracement ). We had a fabulous week, finishing the week at $109, which corresponds to 61.8% retracement . Note, last time it approached this level, it was sharply rejected, then was followed by a downtrend, until it found the support around $95. Next week is the key. If it is unable to break out, I expect another downtrend, heading toward $101, and possibly $95. I am optimistically cautious, however, as MACD demonstrates a bullish divergence . Good luck everyone.
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