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You Are Here: Home > Articles > Contributors > Yesterday was a start - but today needs follow...

Yesterday was a start - but today needs follow through
Nov 20, 2008

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Declan Fallon

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Only a late day charge rescued what was on course to be a break of support. Volume sided with the bulls in a strong last hour of trading.

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On a closing basis we have picture perfect support with a solid bullish divergence in money flow. Stochastics are only a hair away from turning oversold (although a bit too close to support to suggest a break of support is needed to make them oversold):
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The level of angst as measured by the VIX looks to have apexed at the tip of a bearish wedge.
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However, don't lose site of the mixed breadth indicators; nothing is firmly bullish. All we have is a good case for support to hold, but nothing to suggest a move past neckline resistance. 


by Declan Fallon (Fallond Stock Picks)

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