Monday, December 15, 2008 10:01:36 PM
We are seeing a classic backtest of a resistance line. If you're a bear, you need to see this resistance line (now a support line) fail. If you're a bull you should watch the price action above the line and see if we get a separation. The pattern itself looks pretty bullish at this point.
It's striking how nicely formed this pattern is. Don't see it very often.
http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=1&mn=0&dy=0&id=p44556070875&a=6498766&listNum=1&listNum=1
It's striking how nicely formed this pattern is. Don't see it very often.
http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=1&mn=0&dy=0&id=p44556070875&a=6498766&listNum=1&listNum=1
GT
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