Saturday, February 28, 2009

Venture - watch for the turn

Venture long term outlook
Long term picture.

Venture 28 Feb 09
Venture has been up for 6 consecutive days, despite Dow's big and small falls recently
This is very bullish, could be due to better-than-expected result and short covering.
However, yesterday was the first down bar, but still within the uptrend channel.
I think it could have hit the resistant and posied to turn down.
I will watch for the break.
If next Mon is an outside down bar, that could be the first signal.
If it breaks $4.82, it could accelerate to $4.42
Stronger support at $4.25 and $4.03.

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