Saturday, May 22, 2010 1:16:52 PM
Re: XEU - Achieved Technical LOW:
Extension of channel drawn last 12 DEC 2009 continues to validate channel's bottom - Further suggesting a technical bounce off of this support for this EURO index.
One EARLY technical indication that XEU is serious about reversing its recent bearish trend for a longer, more sustain path upwards would require a violation of the short-term DTC's midline. For a CONFIRMATION of such reversal, that upper border of that channel remains a (lofty) task, especially approaching that resistance zone, IMHO.
RSI may also provide same indication of early reversals once lower border of upper channel gets tested, but a break thru the 70-line remains a channelnginf requisite at this point:
XEU - 12-Mnth, DAILY Chart:
- Dalcindo
Extension of channel drawn last 12 DEC 2009 continues to validate channel's bottom - Further suggesting a technical bounce off of this support for this EURO index.
One EARLY technical indication that XEU is serious about reversing its recent bearish trend for a longer, more sustain path upwards would require a violation of the short-term DTC's midline. For a CONFIRMATION of such reversal, that upper border of that channel remains a (lofty) task, especially approaching that resistance zone, IMHO.
RSI may also provide same indication of early reversals once lower border of upper channel gets tested, but a break thru the 70-line remains a channelnginf requisite at this point:
XEU - 12-Mnth, DAILY Chart:
- Dalcindo
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