Tag Archives: symmetrical triangle

The Trend in Gold is Down, Sideways and Up. That’s Right!

Posted on May 14, 2012 by Michael Harris

Is the trend in gold down as some analysts have already declared it? I know a few people who would deny that the trend is down, a few more who would claim that the trend is sideways and even some that … Continue reading →

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Gold May Soon Test Resistance Near $1,800 An Ounce

Posted on April 3, 2012 by Michael Harris

There are signs of renewed gold buying both by hedge funds  for portfolio reallocation but also an increasing retail interest for gold bullion. As a result, the $1,600 an ounce price support level established after last year’s correction has held and there are a couple of … Continue reading →

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Bumpy Ride Ahead for Australian Stocks

Posted on February 4, 2012 by Michael Harris

After forming a classic 5-leg symmetrical triangle followed by and up breakout, the S&P/ASX200 index is in for a bumpy ride with multiple resistance levels ahead plus the obstacle of the 200-day simple moving average.

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A Market Rally Will Equate to Another TA Failure

Posted on January 19, 2012 by Michael Harris

The past year was marked by a high number of failed technical analysis patterns. It appears that another failure is in the cards, this time it is the formation of a symmetrical triangle in TLT, although it may be still early for that.

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SLV Near Two Crucial Support Levels

Posted on December 19, 2011 by Michael Harris

As indicated in two previous posts on December 6 and on December 14, $27.41 is an important support level for SLV. Last Thursday, December 15, 2011, this silver ETF made an intraday low of $27.70 and then closed +2.2% on Friday at $28.85. What is next?

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ETF Technical Analysis as of Friday, November 18, 2011

Posted on November 21, 2011 by Michael Harris

As of the close of Friday, November 18, 2001, there are more failures of traditional chart patterns and downside breaks of rising channels. In SPY we have a failed symmetrical triangle, in GLD and SLV downside breaks of rising channels and in USO … Continue reading →

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Price Action Indicates the Market Will Soon Choose a Direction

Posted on November 16, 2011 by Michael Harris

Major stock market indices have been moving sideways the last three weeks in anticipation of developments concerning the European debt crisis. The price action during this period indicates that a direction will be chosen soon, even by the end of this … Continue reading →

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GLD – Beware of Greeks Bearing Gifts

Posted on October 1, 2011 by Michael Harris

As of the close of September 30, 2011 there is a small symmetrical triangle formed in the daily chart of GLD, also known as a pennant. This chart pattern is usually a continuation formation that duplicates the move preceding it. … Continue reading →

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