Wednesday, February 25, 2009

"The Bull is Back but the Bear is Growling"
10D, Hourly - Feb. 25 - There is a new Bull Potato formation with the 10/30 MA Crossover on the Hourly.  At this stage it is timid but past experience has shown that its strength and momentum can grow.  The Fib's show the close near the 38% retracement level which is acceptable if it holds on Thursday.  Retreat below 50% would be a serious threat to the continuation of this move to the upside.
6M, Daily - Feb. 25 - The chart shows the important support line at the Nov. lows.  The Gold Spots also point out the "Double Bottoms / Railroad Tracks" that are often associated with reversals.  The parallel line demonstrate the range we have been in for the last 3 months.  If the market can recover over the Blue Line as  significant move up could be expected.  There is a lot of work to be done.

2D, 5m. - Feb. 25 - While there is evidence to support a new Bull Potato, there is turbulence and volatility.  At the same time there are indicators of a move to the upside.  Notice the "Higher Highs and Higher Lows" and the trend line.  Tomorrow is another day.  Do not slip on the peelings.

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