The potential target as per chart is ca.32000. However, I have some doubts:
- the today's breakout did not have heavy volume (after Encyclopedia of Chart Patterns: descending triangle),
- below are two important supports: 2006 low (ca.34700) and Fibo 61.8% (ca.34000) from the whole bull market.
Intraday's chart looks pretty bearish (with lower low made - short-term sell signal):
After US close (last hour) I don't know what to expect and 34700 is strong potential support. Nevertheless, emotions don't matter and long-term trend is clear.
A lots of thing is going on nowadays, take a look at some of them:
At first, short-sell ban for financial institutions will expire next just before midnight on Wednesday (here or here). I wonder if there is enough courage to short finance after bailout plan (maybe some hedge funds related institutions?).
Second, it seems European banks have serious issues as well (here). I don't know how will it impact the polish banks. I don't think foreclosures are (or will be) a problem in Poland as most of polish banks have checked their clients quite well.
Third, CHFPLN does not look so nice anymore:
There is downtrend line breakout. The CHFPLN has taken out the last high of 2.19, therefore we assume there is a medium-term buy signal. Long-term downtrend still remains intact.
Small extension of this post about LIBOR - surprisingly, it seems it has some significance in US. Watch this video from Investing and Trading blog.
Posts
No comments:
Post a Comment