This is a bearish chart pattern that requires a move above 5627.85 to turn positive.
The chart pattern forming looks like a hopeful double bottom in which the August 9 lows are tested successfully.
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Even though Todd is recommending this utilities spider, the chart pattern is negative, suggesting that it may not be a good buy.
Over the past year, however, a potential triangle formation has been developing, which is a key chart pattern technical traders like to monitor.
The chart shows a pattern of lower highs (line a), which is not a good sign.
The following chart shows the pattern being traced out by SPDR Gold Trust (GLD).
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Prices are now in a three-week-old downtrend on the daily bar chart and the specter of a bearish double-top reversal pattern on the daily chart has resurfaced.
The monthly OBV (not shown) is below its WMA, and the chart still shows a pattern of lower highs and lower lows.
You can furthermore see in the chart above that the pattern in 2013 has been nearly an exact match to what we saw in 1995 through May 16.
The bulls need to step up and show fresh power soon to avoid further near-term chart damage, as a bearish pennant pattern may now be forming on the daily bar chart for April gold.
On the weekly chart, the entire continuation pattern took the shape of a flag, lines 1 and 2.
Apple stock has traced a head and shoulders pattern as the chart shows.
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That has the chart in a potential negative pattern of lower highs on rally attempts, and lower lows on the pullbacks from those rallies.
To further hone the image, engineers use a technique called optical proximity correction, which uses oddly shaped bars, notches and other distortions that are cut into the chrome template on the quartz plate to trick light waves into making a more precise pattern (see chart).
The chart shows the head and shoulders pattern that Apple traced out at its top.
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The weekly chart shows a flag or continuation pattern (lines a and b).
The weekly chart shows a long-term pattern of higher highs and higher lows going back to the early-2009 lows, line c.
The chart of the Industrials shows a pattern of higher highs going back to 2011 (line a) as it is very close now to the highs that were made in early May.
However, that sideways consolidation on the daily chart has formed a potentially bearish pennant pattern.
However, a bearish pennant pattern on the daily bar chart was negated Thursday.
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However, good gains in the near term would begin to produce a bullish double-bottom reversal pattern on the daily bar chart.
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On the charts, April gold futures have plunged out of a wedge pattern drawn on the daily chart, see Figure 1 below.
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The daily chart also shows a fairly normal corrective pattern that has already taken the Index close to support from the September highs at 7, 488.
The weekly chart shows that FXE formed a continuation pattern early in 2012, as the break of support (line b) signaled another wave of selling.
The next leg of the trade came in the form of a macro wedge pattern, as seen on the chart.
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