Monday, July 9, 2007

A Tripple Top ?


As I said in my earlier post the market was nervous today as it was once again approached the top of the trading range that we have been in since early June. Will we hit the top of the range again and bust through or will we have a tripple top and fall back yet again?

The MACD is showing a slight divergence during this month long sideways trading. See the MACD on the chart shown here. Notice how there is a slight upward trend that is visible when drawn with a trend line. Is this a signal that were building up pressure? Yes it is. But is it enough yet remains to be seen. Also the CMF is working it's way up as well, albeit still weak.

Also notice how today the +DI reached the trend line and stopped right at the line. Would like to see the +DI break above the recent down trend.


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