We're still consolidating. However, there are plenty of reasons to be bearish on this chart. Notice the following technical developments:
First -- note these are exponential moving averages. These moving averages give more weight to more recent data.
-- All the EMAs are moving lower
-- The shorter EMAs are below the longer EMAs
-- Prices are below all the EMAs
HOWEVER
We're still consolidating in the triangle.
3 comments:
I am always looking for you daily summary. Know you do have a "real" job that pays the bills, but I do like to check in.
Grandma Jo
While we are consolidating above 84 at the moment, it seems to me the general downward slope is placing more and more pressure upon a fairly arbitrary level. It seems pretty obvious that there are a lot of automatic buying being triggered each time we touch 84, but that is not going to last forever. With the wild gyrations we've seen (and the starkly negative SMAs), these look less like an orderly consolidation to me and more like pressure building behind a dam. When it breaks . . .
I agree with Jesse, I'm seeing this pattern as a descending triangle. Chances are, we'll break down at some point.
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