Memorial Archives

The Big Three Re-Cap
posted Aug 27, 2006 at 07:57PM

Bullion Daily

Nothing to change my outlook. It still looks like we are in a consolidation, or more importantly, a continuation pattern.

HUI Daily

Ditto We need a move above horizotal resistance at 360 to confirm this. With the 200 dma lurking close-by I would be leery of using the trend-line as any kind of signal

Crude Oil Daily

Technically I think crude wants to buck off a few more people if events allow. A move down to 66 would get some technical selling and the daily chart in an oversold condition. This is a much better start point for launching another try at reaching new highs.

Darth Vader Daily

You don't often hear me refer to Head and Shoulder patterns. I think they are most overused and abused pattern in technical analysis. Perma-bears are always hanging themselves and finding these things everywhere they look.

But in this case it may apply. The chart looks ill. The pattern filled with "dead-cat" bounces and hopeful surges on the hope of reprieve followed by again smaller bounces that cannot defy reality. I think a trend-line break here is for real and not a fake out.

Regardless of the pattern, until 87 is taken out I remain of the mind that marginal new lows have to be put in before any kind of tradeable "rally" can take place.

Just out of the blue but I do keep an eye on the HGX.

Bullet Bullet Bullet