The Retail Sector Index [RLX] is working higher poised to challenge good directional resistance at 348.44 with all trading above 338.72. Be patient. A violation here is needed to confirm a fresh advance targeting 364.48 and 372.95 on the initial move.
A dip under 338.72 sets up a buying opportunity down to 331.68. This is the Inflection Pivot keeping the positive bias in play. Look for buying opportunities down to 326.11. This is the low point for any corrective pullback and the expected bottom for a new leg higher. Only under 326.11 is the positive signal negated and the Index back in a difficult digestive trade down to 299.44.
JS
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
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