It is disappointing that rally over China's Yuan move fades as quickly as it began. In fact, Done Jones Industrial opened higher on Monday but closed mixed. I was expecting that rally would last a day or two. It looks to me that Done Jones Industrial (DJI) is forming a head and shoulders pattern. There is a significant resistance for DJI at 10700.
The "head-and-shoulders" pattern is believed to be one of the most reliable trend-reversal patterns.
KLCI was bullish on Monday responding to China's Yuan move. Now I am a bit concern about the current short term up trend of KLCI could be fading quickly too. In my humble opinion, it is a wise move for us to close part of our portfolio now. Right now, I think put warrant is really worth a look.
Ok, good luck
GOon
Read more on "Head and Shoulders Chart Pattern"
http://cathoon.blogspot.com/2010/06/head-and-shoulders-chart-pattern.html
No comments:
Post a Comment