The RSI and CCI are showing positive divergence, what could be the clue for the coming rally. Alternatively, the WIG Index can be drawing the symmetric triangle now. The overall situation is not clear and we need to wait for clarification (crossing weekly high or weekly low).
The Bankier.pl portal has published an interesting newsletter about polish mortgage market (here, polish). Forecasts are kind of pessimistic, but it's definitely worth reading.
Update from 2008/11/28:
The WIG Index 1-hour chart shows us potential symmetrical triangle formation:
This is a continuation pattern, with target swing ca.6100 points. The volume is trending upwards and that's unusual for this formation (as per Encyclopedia of Chart Patterns, T.N.Bulkowski). However, those formation become reliable only after breakout (preferably with confirmation in volume).
Sources:
[http://www.bankier.pl/goto2.html?nazwa=PRZEGLAD_SPEC&url=http%3A%2F%2Fwww.bankier.pl%2Fi%2Fprzeglad%2Fpdf%2Fprzeglads_20081124.pdf]
[http://www.investopedia.com/terms/s/symmetricaltriangle.asp]
Posts
No comments:
Post a Comment