Thursday, July 15, 2010

Updated Channels

I have to admit, this channel chart we have been using for many weeks now is working perfectly. I have added a new channel on the right hand side as we are close to breaching the down trend line here. This of course would fit very nicely with the chart from earlier with the W5 targets and of course will bring prices nicely above all key averages. Its interesting to see how prices have reversed so strongly from the lowest uptrend channel step that was broken as we breached 1060 a few weeks back. You can see how prices reversed very strong and got themselves back into the previous up channel. Its key now to remain above this trendline on a 3-day close basis.

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