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.
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Topics: Stock Charts, Technical Analysis, bear market, trading patterns, trading tips | No Comments »
