CRB Index Recovery at Pivotal Level
10 November 2011
WEEKLY CHART
Note how good support came from the area of the 293.75 Jan-10 high, 294.40 61.8% level and rising support line.
DAILY CHART
The rebound off support from our earlier Fibo projection at 292.00 has so far encountered resistance near the 38.2% retracement, after some erosion of the s/term bear channel top projection.
A clear breach of this pivotal resistance would be a positive sign, suggesting a better recovery phase was underway. Next resistance comes from the falling resistance line at 329.00 just now.
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