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Tuesday, January 8, 2008

^FINANCIAL: Falling Wedge

The ^FINANCIAL index to me is a falling wedge which is a possible bullish reversal. Although, index today went below MACD and breakdown from the lower band. I am still bullish with the Financial sectors.

However, the sector needs to do some upward movement. The pattern shows us that its near the APEX already. If the ^FINANCIAL index continue to fall down then this is already a failed Falling Wedge and Financial sectors are bearish.

Falling Wedge
^FINANCIAL Chart January 07, 2008