[Update 6.38pm 03/10 - Added a fib retacement chart]
Based on my trading chart this ETF has reached the edge of the Selling exhaustion Zone. I could see this returning to around 68.00. Chart below:
Also we have retraced 61.8% of the rise. This gives a good stop (just below the 61.8% line) if you go long.
One of the few commodoities that decided not to join in the great Bull Market that started in November 08. I am going to make a stand and say that Nat Gas has now finished its correction and is ready to go back up again. Below is my chart of the channels that I think will be honoured. I think we could get upto $9 to $9.64 again.
Biotech has been on a roll lately and some companies have been waiting to join in the fun. This company may be about to join the rest of the industry..
Myriad Genetics, Inc., a healthcare company, focuses on the development and marketing of novel molecular diagnostic products. It commercializes predictive medicine, personalized medicine, and prognostic medicine products.
What can I say. Own things that the drunken sailors (Central Banks and Governments) cannot print.
Look at this chart – it proves it
Last week was critical to the proof of this theory. I have marked the primary channel that we have been in for the past few decades. We are now at the midpoint of the channel again and so we should get to over 10,500 on this index. The weekly RSI is nowhere near a high and has lots of room to go.
If you look at Jan 1997 and July 2003 you will see that we also managed to cross into the upper channel and see what happened next. We should now see all the money from the sidelines come in to buy stocks in this resilient market.
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