Dow daily chart. Note the multiple failures at 200 dma (13034) and subsequent fall back into the ascending wedge. The May 1st low of 12793 will be important to hold going forward or we should see 12700, wedge support. Below 12700, bears regain full control.
This entry was posted
on Thursday, May 08, 2008 at 5/08/2008 12:29:00 AM.
You can skip to the end and leave a response.
5/8/08 9:10 AMBearish ascending wedge? http://www.thestockbandit.com/Rising-wedge.htm?
5/8/08 10:45 AM
That was understood, but thanks for pointing it out to readers who are new to technical analysis. Wedges are set ups for reversals.
» Post a Comment