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Last Line Of Defense
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Last Line Of Defense

by The MoleJune 5, 2013

It seems the bears may have regained their old mojo as that first volume hole near 1620 was taken to the woodshed this morning. But not so fast – the Marines are staging a last line of defense near that volume chasm separating a bearish summer from another bullish stampede. As I’m typing this buyers are getting positioned near 1607 which shall be known as the bulls’ last line of defense:

You may recall that leap that pushed us above 1600 a few weeks ago. There wasn’t much volume above at that time and jumps like these often establish implicit support zones which later may not be apparent by simply looking at price. Well, 1607 really is where the rubber meets the road. As I said yesterday – we drop below it and watch out below.

Rather interestingly the weekly panel dons a NLSL on the very same spot – thus adding importance to this support level. Great spot to be long with only a few ticks worth of risk (e.g. a stop below 1594.75).

EUR/AUD has been on a rampage but is now pushing into LT resistance. NOT a setup yet but I wanted to put it on your watch lists. I plan to watch the daily panel for a juicy candle pattern. Give it time – FOREX does not trade like stocks, people – overbought is not part of their dictionary 😉

GBP/NZD also pushing into resistance – there’s the 100-week SMA and the 25-month SMA. Again, I would wait for some signs of weakness on the daily as that is one monster candle.

Setups – the leeches get one for free. At the danger of repeating myself but AAPL is looking extremely juicy here. It’s been driving everyone nuts for over a week and that’s the way I like it. I think the chart is rather damn clear – so keep an eye on this one and watch for it making a move.

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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