Wednesday, May 6, 2009
Some interesting charts.
UNG price seems to be approaching is (downward) trend line, which it has been faithfully following since July 2008. Whether it will be able to break the trend line and hold above it remains to be seen. One recent change is the increase in volume but the 50 DMA is still 10% higher the price.
USO has already broken the down trend it has followed all of April.
XLF has already broken through resistance around 11.25 and has closed above it for the past 2 trading days. It sure can fall back below it but considering current market strength it seems somewhat unlikely for now.
Same is the case with T, MBT and FMCN. TV is just at its resistance (around 17.10).
Disclaimer: Long position in XLF.
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