Today's rally was impressive (and also covered open gap from Monday), but we are still below the important level of 29000. Descending volume and contrary signals from oscillators are saying nothing about the future direction of the market.
We might also note a pennant or symmetrical triangle pattern on 15 minute chart:
The main difference between those patterns is usually the duration (here: pattern less than 3 weeks is usually considered as pennant; the symmetrical triangle's duration is typically about 3 months).
Nevertheless, both are continuation patterns.
Not much else can be said right now and we have to remember the market can always go both ways.
Sources:
[http://www.investopedia.com/university/charts/charts6.asp]
[http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle]
[http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:flag_pennant_continu]
Posts
No comments:
Post a Comment