Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.
Wednesday, January 5, 2011
GLD Head & Shoulders Top Maybe
Watch the GLD, was close to breaking the neck line (Red line) on a Head and Shoulders top pattern but they saved it at the close of the markets closing right on the neck line. Tomorrow will be interesting day to see if we can close below the neck line. If we get a break then we could go to the 127.50 mark to complete the pattern. The other part of this puzzle I like is the vol is dropping to the right shoulder which is a good indicator of a head and shoulders top.
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