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.
Saturday, March 5, 2011
GLD Trying to Break to New Highs
Well my last call for the GLD was it had a good chance of going to 139 after the bull flag won out. Well we hit that and tried to break out to new highs. But don't get fooled we never confirm the break out. The top red trend line was the last high, on the 1st of Mar. we broke that line (New High) but next day didn't confirm. Number one rule let it confirm before taking the trade. To confirm you have to close higher then the day that you broke the trend or in this case new high. Fri we tried to break the red trend line a second time but pulled back again by the end of day. So I am neutral until we can get confirmation or get some pattern to see where the GLD is going.
Again please read the disclaimer at the top of my blog.