Monday, August 31, 2009

Broading top continues...

I'm encouraged that no one seems to be seeing the broadening top / distribution action going on as we curl over with a massively diverged RSI signal. I think most discount it based on the fact that we spent several days making nominal new highs which distorted the patterned some what.
I'm looking for weakness down into the 200 moving average zone in the sept/oct time frame....



Crude looked encouraging today with the weekly chart starting to reveal the exhausted upside momentum with decent downside targets...

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