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.
Friday, January 7, 2011
GLD Head & Shoulders Top YES
It looks like the Head and Shoulders is in play. We got confirmation on Thur. and it looks like a bear flag (Blue Lines) is forming as a couple more days of side ways movement could set us up to reach the 127.5 target. Only a return and break of the neck line would break down this pattern. I have no trades on this pattern and the GLD can be a high risk trade so dude diligence and discuss with your broker before making any trades.