The pre-open rally in SPU1 has pushed prices above Thursday's high and back into the value area for the 2011 price profile. The price zone between 1269.00 and 1277.50 in SPU1 has been interesting this week with gaps inside that range 3 out of the last 4 session. Despite the indication for a strong start to today's regular trading hours session, it does not seem likely SPU1 will have significant upside range extension in today's session beyond the current Globex high (1277.25). The overnight price pattern combined with near by resistance beginning at 1283.00 suggest a greater probability for SPU1 prices to consolidate between 1270.00 and 1280.00 for today's session. Thursday's high (1269.00) and the bottom of today's gap should provide support. A close in SPU1 above 1272.00 would be a constructive finish to the week and would suggest prices will build off this week's low with a short-term price target of 1300.75 (midpoint of 6 month range) and 1308.50 (the highest volume price point since the start of January).
狗仔卡
发表于 2011-6-17 08:20 AM
发表于 2011-6-17 08:24 AM
发表于 2011-6-17 08:31 AM
