It is anyone's "guess". But I studied the chart (and also incorporated some moves on the way up - which often correlated the move down) and came up with the following support levels:
low $90's
$82 ish
$68 ish
$60 ish
low $50's
$20's
(Think I covered most areas there!)
If and when we break to the downside, instead of paying attention so much to the numbers we are all throwing out, I would look at the volume and intraday charts for key levels.
Perhaps one should still use numbers we come up with and try to catch the bounce (I might). It will be very risky though.
In a few years, it probably isn't going to matter if you picked up more at $60 or $65, but will make a difference if you are patient and play your cards right on the way down...
IAS
low $90's
$82 ish
$68 ish
$60 ish
low $50's
$20's
(Think I covered most areas there!)
If and when we break to the downside, instead of paying attention so much to the numbers we are all throwing out, I would look at the volume and intraday charts for key levels.
Perhaps one should still use numbers we come up with and try to catch the bounce (I might). It will be very risky though.
In a few years, it probably isn't going to matter if you picked up more at $60 or $65, but will make a difference if you are patient and play your cards right on the way down...
IAS
I agree that catching the bottom is highly risky.
I was wondering how many more bulls believe that the break is near (82, 85 or even $ 93) and how many bears will just wait for prices below 50, or even lower
