Friday, May 21, 2010

Z-obee Potential Inverted Cup and Handle Formation



Immediate support at 44 is critical trigger that will confirm the bearish cup and handle pattern. A breakdown below this major support will probably result in an initial drop to the 40 support level. Further weakness will fulfill a measured move projection as indicated by the red arrows and will see a test of 34 support. Stay alert and be nimble as market continues its wild volatility swings.

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