It will likely take a year or so on the weekly charts to see which one pans out, but so far the bears are winning this one with the break of that 200MA. A double bottom is possible here so keep your eyes open.
Internet Sector Index:
Friday, August 1, 2008
Internet Index Makes History
The Internet Index closed below the 200MA on the weekly chart for the first time in it's 9 year history (DOW Jones US Internet Index) and is forming a head and shoulders pattern. To be fair to the bulls it's also forming a falling wedge pattern.
It will likely take a year or so on the weekly charts to see which one pans out, but so far the bears are winning this one with the break of that 200MA. A double bottom is possible here so keep your eyes open.
Internet Sector Index:
It will likely take a year or so on the weekly charts to see which one pans out, but so far the bears are winning this one with the break of that 200MA. A double bottom is possible here so keep your eyes open.
Internet Sector Index:
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment