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On the weekly chart, notice the following:
-- Prices are continually moved through support levels
-- Prices are now at levels from the 2Q 2007
-- Prices are below all the SMAs
-- All the SMAs are moving lower
-- The 10 day SMA has moved through the 50 day SMA
Bottom line: this is a bearish chart
Click for a bigger image.
On the daily chart, notice the following:
-- Prices are continually moved through support levels
-- Prices have been dropping for three months
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
Bottom line: this is also a bearish chart. It reminds me of the dollar chart that existed for most of this year.
