Tuesday, February 1, 2011

Rbob

Rbob came up against resistance today noted in the Jan 18 post,  Rbob Retraces .618
 There is  measured -c- =  -a- resistance at 2.53.. And the actual spot month chart  .618 retrace of the entire '08 crash is at 2.543.
So while calling tops in this market hasn't been much fun, here's another spot with  potential for a reversal .
Active Mo. Daily
click to enlarge
  Note the negative divergence on the 14 RSI .

Active Mo. Hourly

Note the minor negative divergence on the 14 RSI. 
So Rbob needs to take out some previous lows for starters, and the 2.41 area certainly needs to hold for there to be any hope on the upside intermediate term.




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