Wednesday, November 29, 2006 10:15:25 PM
Sharon, did you notice
falling wedge/bull flag occurred at the end of each last four months and supported by the BB20 line. This is your so-called EOM action. Usually the market acts in opposite direction of oil price movement. As shown in your oil chart, the oil price is due to bounce (Since OPEC plan to cut production in Dec). Also the market have run up for the last four months. Therefore, probably the market is due for a correction.
As I mentioned yesterday, cycle analysis would give you a sense of the direction where the market maybe heading but can't give you the precise prediction. need further study in this area.
. . . .
falling wedge/bull flag occurred at the end of each last four months and supported by the BB20 line. This is your so-called EOM action. Usually the market acts in opposite direction of oil price movement. As shown in your oil chart, the oil price is due to bounce (Since OPEC plan to cut production in Dec). Also the market have run up for the last four months. Therefore, probably the market is due for a correction.
As I mentioned yesterday, cycle analysis would give you a sense of the direction where the market maybe heading but can't give you the precise prediction. need further study in this area.
. . . .
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
