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GLD did well last week but closed Friday with a weak candle outside of the Bollinger band. This may be showing that the market didn't want to hold the trade through the weekend, a natural tendency. Or, it may be time for a pullback. There is possible divergence forming in the MACD histogram and in Stochastic, shown on the chart with red lines. This is a possible warning sign of reversal. If momentum continues Monday to the upside, these divergences may fix themselves on their own. RSI is still not over-bought with a reading of 65.77 and has more room to run higher. Stochastic is setting up for a possible embed, 3 days above 80. Bottom line: Monday should bring clarity as to how things may develop in the short term.
The weekly chart shows price on the breakout line poised to do something. What will it be?
Three Year: "
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I am including a new chart showing the Elder impulse System. Read about it in the chart school at stockcharts.com. I am going to play with this thing to see if it is of use. More later on Elder Impulse.
Elder Impulse System, weekly: "
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