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.
Sunday, February 13, 2011
GLD 2 Pattern Conflict
Here is a interesting dilemma. Two patterns showing in the same time frame conflicting each other. Marked in blue is a in spirit of bear flag and in green is a in spirit bull flag. So what do you do here. Well my feelings is to stay neutral and let the market show us which way it want to go. One peace of the puzzle is we have not played out the head & shoulder pattern and tagged the 127 target yet but then I have had some debate whether it is a true head and shoulders pattern. I think we go tag the 50 average at the 134 area then which is also resistance level marked in black (133.77 to be exact) then continue to tag the 127 target.
This my interpretations of technical charting and if you decide to trade you should contact a professional investment consultant before making any trades.