March 2, 2009
Double Top – Charting Patterns
By Planet Wealth
Each week the XAO is breaking support and continuing to show us bearish signals, which support the medium term flag break target (identified 15/01/09) of around 2500.
This week saw the confirmation of a double top. The neckline is a weekly support line that was breached on Monday, with the rest of the week re-testing that support line as a resistance line. Technically, there is now nothing to hold up the XAO before 3200 and this week is likely to see another 300 taken of the index.
Vist our live trading room to increase your trading results: Click Here
Topics: bear market, Stock Charts, Technical Analysis, trading patterns, trading tips | No Comments »
