In this video, Paul Wett will give us an update about the trends and will discuss the support and resistance levels this week.
This is Paul Wett with www.WettTraderLLC.com giving you the Midweek Report for March 25th, which is tomorrow, Friday.
I want to show you folks, we have had a little bit of a sell-off which I have mentioned earlier this week. Right here, made a higher high, right now, we’re lower than the previous close. Not sure if we’re gonna close back up there but we probably won’t folks, we probably won’t. Just like what I’ve said, the software here will try to get this high pounded out here folks and this could be the day. This could be the day for the high.
Same thing on the daily, at least for the short term. Let me show you where our numbers are at folks. Right here we have a 2044.39, we’ve got a 2045.32 and the high for the week so far has been 2047.50. So like what I’ve said, once we get past the 40 area, it’s gonna… Here’s a nice sell on the, this was last night on the 20 minute while you we’re sleeping. How is it like folks to wake up and pick at 375? Pick up 375?
Anyhow, I think our objective for the week, I would try to look at these areas here okay? 2008 would be a pretty good objective for the week. We do have moving average right there, this will be my next level of support for right now and this is an area that’s gonna hold to maintain this rally longer term. We could be bouncing around here a little bit, I know 18 is coming out, we’re still below the 18. So technically this is still a downtrend.
On the monthly, we also have a 2000 area of support. So the 2008 is gonna be a good area, let’s see what we got here for today. This is a, our S2 would be our support level. So that would be an area that I would say a good area for support. Here we also have the 18 bar on the daily moving average, a 2008 as well. So we do have some support at the 2008 level, like I’ve said, if we penetrate this, this is gonna be our next level. So we got a lot of money to make here folks. Lot of money to be made. So stay tuned, try the free demo, www.WettTraderLLC.com
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