I find this very interesting. Make your own conclusions. Mine is...we will see a bounce now and I don't think we get as far as the upper trending channel but hit the downtrending line, and then break down hard!
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3 comments:
Need more explanation
Ok, so believe it or not, a lot of trading is done using technicals, and now more than ever, by computer programs! These channels are important in identifying if this is a bear market rally or not. Looks like the move back up started on Tuesday and if it crosses the upper channel line, lot of folks will jump in simply due to this technicality. On the flip side, if punching through that upper channel line becomes difficult even in the face of positive news, that's a bad bad omen
So did it punch thru the upper channel yet?
Where do you find this graph?
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