The one concern we have about this bullish technical pattern is that the media picked up on it.
Furthermore, this consolidation period has created a bullish technical pattern called a flag.
If the recent technical pattern holds true, the company could be trading in the teens in the next couple of weeks.
Since that period, I have been actively trading gold based on the technical pattern and market conditions, but maintained a net long position.
Bulls would have preferred that this technical pattern be ignored or dismissed, as the coverage may have indicated that weaker hands bought into the breakout.
After a 3 month base, the stock is trying to break out of a technical pattern that is rather attractive here as noted on the chart below.
Over the years, I have found that even a short interest ratio as low as 5, when combined with a positive technical pattern, can set up a good trading opportunity.
For now, the gold market remains in a technical holding pattern.
FORBES: Technical Trading: Gold Bulls Stumble After Cyprus Deal, Holding Pattern Seen On Chart
Over the past year, however, a potential triangle formation has been developing, which is a key chart pattern technical traders like to monitor.
"This is another negative indication on top of the missing Santa Claus Rally, a down First Five Days and the Dow closing below its December closing low on January 21 triggering the December Low Indicator, " says Hirsh, who adds that the market is completing a two-year bearish "three peaks and a domed house" pattern coined by technical analyst George Lindsay.
Silver bulls have the slight near-term technical advantage as a bullish symmetrical triangle pattern has formed on the daily bar chart.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Modestly Lower in Choppy Intra-Day Trading
March silver futures bulls have the slight near-term technical advantage as a bullish symmetrical triangle pattern has formed on the daily bar chart.
FORBES: A.M. Kitco Metals Roundup: Gold Firmer, at 2-Week High, on Technical Buying, Short Covering
While the technical trend is strong and a bottoming pattern is seen on the monthly chart for ITB, in the near term the RSI is warning that a little froth could be taken out of the market.
Copper bulls have the slight overall near-term technical advantage and a bullish double-bottom reversal pattern has formed on the daily bar chart.
FORBES: Comex Gold Ends Higher on Bargain Hunting, Safe-Haven Demand; FOMC Results A Non-Event
Copper bulls still have the slight overall near-term technical advantage and a bullish double-bottom reversal pattern has formed on the daily bar chart.
FORBES: Comex Gold Ends Slightly Lower But Well Off Daily Low On Bargain Hunting
In traditional technical analysis this is a well-known reversal pattern.
FORBES: Fundamentals And Technicals Point To $340 Apple Stock Price
Bulls have gained upside technical momentum recently and a bullish double-bottom reversal pattern has formed on the daily bar chart.
Bulls have gained solid upside technical momentum recently and a bullish double-bottom reversal pattern has formed on the daily bar chart.
FORBES: Comex Gold Sees More Solid Price Gains Amid Sharply Lower U.S. Dollar, Higher Crude Oil
That has produced significant near-term technical damage to also suggest a bearish double-top reversal pattern has formed on the daily bar chart.
"The pattern is set for a possibly historic rally based on the technical factors I use and also based on contrary opinion--not what advisers think, but rather what the market is telling us about itself, " says Gibbons.
No chart damage occurred Monday, but the bulls do not want to see good follow-through selling pressure on Tuesday that would likely produce some near-term technical damage and raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
FORBES: Comex Gold Ends Sharply Lower amid Stronger U.S. Dollar Index, Lower Crude Oil
Based on technical analysis, on August 20-21 we finally saw metals ignite their pattern.
Some fresh near-term technical damage was inflicted Thursday to raise the specter of a bearish double-top reversal pattern forming on the daily bar chart.
Looking at technical charts, Patton said gold is moving in an ever-tightening so-called triangle pattern with a progressive series of lower highs and higher lows.
FORBES: FOCUS: Gold Falls As Fed's Bernanke Doesn't Signal QE
应用推荐