Transports vertigo?
Posted on Tuesday, May 20th, 2008 | In Current Market News, Stocks to Watch
Contributed by: Declan Fallon (http://www.zignalsblog.blogspot.com) -
On my parent website I have focused more on the main lead markets with the charts hosted by Stockcharts.com. The Dow theorists will want to take a look at the Transport Index. Monday saw a large inverse (bearish) hammer on heavy volume. Contributing to the toppy look was the stochastic ’sell’ at overbought conditions and the extended nature of bullish trend strength.
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I have redrawn Fib retracements from before. I am liking the convergence of the 50% retracement and the 200-day MA as a downside target.
Declan Fallon is developing trading strategies, market indicators and sentiment tools for Zignals
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 About Declan Fallon (http://www.zignalsblog.blogspot.com)
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website. It's our job at Zignals to give market participants all the information they need to make informed decisions; both fundamental and technical. |
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