It starts at 940 to 904. Then we had the 3 days of consolidation and a break today. The bear flag should be completed at the 884 level. This is also a level of previous support, 889 is the 20EMA for the weekly time frame.
Monday, June 22, 2009
Bear Flag
This is my first time looking at the charts today and the first thing I noticed is the bear flag that formed.
It starts at 940 to 904. Then we had the 3 days of consolidation and a break today. The bear flag should be completed at the 884 level. This is also a level of previous support, 889 is the 20EMA for the weekly time frame.
A move to this level should enter the market into a short-term oversold condition. This will be a key level to watch fo the rest of the week.
It starts at 940 to 904. Then we had the 3 days of consolidation and a break today. The bear flag should be completed at the 884 level. This is also a level of previous support, 889 is the 20EMA for the weekly time frame.
