Tuesday, September 23, 2008

Some long-term price patterns continue to work

I suggested a couple of weeks ago that when long-term support (>2 yrs) was breached, prepare for a re-test of the underside of the same trendline before continuing lower.
Granted, there were roughly two dozen extenuating circumstances since then that might negate such patterns from coming to fruition; however, it looks like despite all that, some price patterns may still hold - albeit in a quicker and choppier manner than I imagined. This applies to several oil, steel, ag, coal, etc stocks.
ACI and POT are other great examples.

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