re: wpl where to? G'day all.
I'll just add my WPL resistance levels to the picture.
Using the long term pattern with $20-45 top and the $10.00 low made in early 2003 (a full 61.8%retracement) you have the following supports:
23.6% $17-98
38.2% $16-45
61.8% $14-00
On this long term pattern, WPL looks pretty right for a retracement down to around $18 in near future. Below that $16.45.. Gse's $14.00 is there at 61.8%, but it would take a long time to retrace that far, with many relief rallies in the interim...
I have shorter term patterns which correlate well (+/- 1.5%) They worked on the way up, so they work just as well on they way down. They show support/resistance at the following levels:
$18.95-$19.15
*This level is already broken and is now acting as resistance - note WPL threw in a red candle and a retreated from a top of $19-11 on Friday.
$17.70-$17.85
The next support down. If this fails then:
$16.24-$16.40
is next.
If WPL holds above $17.70 you could still say the uptrend is intact. Even if it holds $16.45 (38.2% on the long term chart) it is still OK.
Below the $16.45, and you would see $14.00 eventually.
Cheers,
Christian
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