5 Jun 2008

Reported at 0830hrs SGT
GY
Indeed GY was supported at EMA55 (daily chart) at 205 and the low it went was 204.5.

From the daily chart, looking at the WMA5, it has near EMA21 and even if it is to punch through it will meet EMA55. Therefore GY will continue to be supported at 205 (EMA55) and 204.4 (Fib Retracement).

Looking at the CCI, confirm the weakening down trend.

However, should WMA5 break EMA55, GY will break out south and head towards 203.3 and 202 and that will be a very big candle. GU and EU has been going down because of Obama and GY may absord some such sentiments.

Of course, WMA5 may too rebound off EMA21. In such a case, it will be able hit price at 208, half way mark before 209 (Fib retracement)