Monday, June 23, 2008

Simple Technical Analysis

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Sorry - no chart today. I just would lie to add a few words to my previous post. Last week I pointed to the bullish indicators and possibility of the further development of the up-move. Yet, the same technical indicators started to change its sentiment already on Monday and on Tuesday all of them was bearish and pointed to the down market. As I mentioned already several times: the technical analysis is a constant process and it's recommended to monitor charts constantly to be able to react on the market changes in time.

By following my charts (the same technical studies as always) I may say that now I see begining of changes in the market sentiment away from strongly bearish: I see nice big volume surges during the price drop which may push the indexes higher, the SBV stopped its decline, McClellan moves up and it looks like it on its way to cross zero line, RSI moves up...

So, let's see what the next week will bring us...

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