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Friday, August 18, 2017 8:22:04 AM
Internet Stocks Weekly Losing Streak Nearing Bull Market Record
By Tom Bowley | August 17, 2017
Unless there's a reversal on Friday, the Dow Jones U.S. Internet Index ($DJUSNS) will close lower for the fourth consecutive week, equaling its longest losing streak since the DJUSNS bottomed in late 2008. There's a decent chance a new record could be set next week as the weekly negative divergence continues to play out. Here's a look at the current technical picture:
The last breakout above 1450 has not held and the next key support level is the rising 20 week EMA. Those are two key support levels when a negative divergence is present. If those levels are lost, then consider the 50 week SMA support as next support and currently that moving average is at 1277.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/08/internet-stocks-weekly-losing-streak-nearing-bull-market-record-.html
• DiscoverGold
By Tom Bowley | August 17, 2017
Unless there's a reversal on Friday, the Dow Jones U.S. Internet Index ($DJUSNS) will close lower for the fourth consecutive week, equaling its longest losing streak since the DJUSNS bottomed in late 2008. There's a decent chance a new record could be set next week as the weekly negative divergence continues to play out. Here's a look at the current technical picture:
The last breakout above 1450 has not held and the next key support level is the rising 20 week EMA. Those are two key support levels when a negative divergence is present. If those levels are lost, then consider the 50 week SMA support as next support and currently that moving average is at 1277.
Happy trading!
Tom
http://stockcharts.com/articles/dont_ignore_this_chart/2017/08/internet-stocks-weekly-losing-streak-nearing-bull-market-record-.html
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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