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, February 4, 2011
Gld Whats Next
Well last week I thought we had a reversal candle and might go and test the 20 average on the daily. Well we hit it yesterday, didn't confirm the break today and the candle looks like a topping candle. I still have that 127 area for a target and if things in Egypt calm down there is a good chance we test that area. Another thing I see is a possible beat flag ( marked in dotted blue lines) which could help us get there. I do not trade this stock but use it as a indicator of market direction.
Again this is my interpretation of technical charting and anyone looking to trade should consult a investment consultant before making any trades.