Bounce or Drop for Phisix?

Phisix did not follow DOW movement today. Let us see its movement to see the risk and reward of getting into position.

Looking at its short term trendline, P6 had broke out from the downward line formed connecting Jan 2 and Jan 15, 2008 high. Although it's above the downward line, it slides down with the line. A resistance line was formed by connecting Feb 5 and Mar 6, 2008 high. Let's call this line 2. On Apr 2, 2008, P6 broke out from line 2 and this line change it's role from resistance to support. Since the support that is catching P6 is downward bias, the index slides down with the support.

A new resistance line was formed by connecting Dec 7, 2007 and Apr 3, 2008 high. We call this line 1. Please note that line 1 is perfectly parallel to line 2. Line 1 (which is crossing today at 2949) crossed today the horizontal resistance (2957) thus giving double resistance to Phisix.

Closing at 2890 today, P6 is sitting exactly at the horizontal support (2890). It will be exciting to watch what will Phisix do tommorrow. Will it bounce or will it drop? If it bounce, you can estimate your reward up to line 1. If it drops, you're risk is at line 2. Pls check the sidebar to see where the lines will be crossing tommorrow. Will regularly update this until we formed another important line to monitor.