Thursday, January 21, 2010
13 Jan 2010
Price breaks below 200 days simple moving average. First signal that trend has change to bearish.
15 Jan 2010
Clear break from 2.12 support beam of dome structure. Second sign that bear has come to party.
Now waiting for the final confirmation that the bear is here to stay. A break of the blue bold major support lines will confirm that the bears have taken residence at Yanlord.
A test of the green dotted support line is imminent. Any weakness here will cause a slip down to the next red dotted support line. Any upward retracements will probably be resisted by former supports and turned resistances.
Stay alert and be nimble if you intend to trade counter trends instead of the easier trend following methodologies.