Last week was a fight between the MA(20) and the descending trendline marked in the chart below. Well, after providing support for a week, the MA(20) finally gave in on Friday. You know the drill ....the support becomes resistance, so the immediate resistance is now at 1620.
The next immediate support is at 1620. But the next major support is at 1599 levels which is reinforced by MA(50). So, these are the levels to watch out for next week.
To make things more interesting, here is the chart of NYSE McClellan Oscillator.
The indicator is already at its most oversold levels of 2013!
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