Triangles Everywhere.

      This pattern seems to show up in a lot of charts.The symmetrical triangle, which can also be be reffered to as a coil, usually forms during a trend as a continuation pattern.Regardless of the nature of the pattern, continuation or reversal the direction of the next major move can only be determined after a valid breakout.Hopefully we will get a breakout as soon as possible , until then patience is the word i would use.

Crude Oil (WTI) Technical Analysis 2011.11.14

Crude Oil reached target zone!

Finally, the patience paid off in my crude oil (WTI) scenario posted on November 2^nd (http://markettechnicalview.blogspot.com/2011/11/crude-oil-wti-technical-analysis.html ) where the main target was set in the $99.90 area.

The T1 trend line acted as a support the whole way up and it still does as long as the price will stay above it. Meantime, the T3 trend line kept the price in a narrow channel, acting as a resistance and the intersection with the horizontal resistance at $99.90 formed an important reversal point (possible, not really necessary).

The trend can still remain bullish but the current high stands for a selling or at least for reducing exposure. The first support is set by the T1 trend line and it is followed by the $94.00 area (previous highs) in case of a break down.

   

CSCO breaks out

CSCO closed 5.68% up and above it`s resistance, on decend volume.Looks like our trading plan is working.I will wait today too see if it will test support, if it does so successfuly  i will start buying.

CSCO weekly

The last time CSCO broke it`s sloping resistance was in 2009.
Similar situations requier similar action? Or this time will be different ?

CSCO up 6.5% in pre-open

I have been monitoring CSCO for a few months now.Today CSCO is 6.5 % up in pre open  market.
If we get a successfull close today above 18.50 and we also get some nice volume readings, i think we can safely say Cisco is a good candidate for some upwards action in the comming weeks.
More after the open....

DAX Technical Analysis 2011.11.10

Is this just a pullback in a down trend?

DAX Index broke the neck line yesterday, signaling a continuation of the down trend. As I expected, there is a retest of it (pullback) that can offer a good opportunity to sell.

The resistance area is between the 5,800 – 5,900 levels (the neck line and the t1 trend line) and the eventual failure of the bulls will set the market for lower lows in its way of achieving the H&S target in the 5,140 area.

The indicators are also revealing a down trend and future readings of an overbought market will signal the end of the rally.  

SPX close to support

SP500 is close to support, let`s see what happens.