The doyen of Technical Analysis, Robert W. Schabacker, in his ground-breaking book, “Technical Analysis and Stock Market Profits“, described symmetrical triangles as such, In its basic form, which we will take up first, it has the appearance of an equilateral triangle lying on its right side, with its base a perpendicular line at the left…
Monday, March 24th 2014, is the day for European Flash PMI. The data for March show that services and manufacturing sectors in France are expanding while contracting in Germany. The French flash Composite Output Index rose to 31-month high of 51.6, up from 47.6 in February and above estimates. Services sector expanded for the first time and…
Last week started a volatile period for Nikkei 225. As we noted on May 24th, there are two opposing forces acting on the Japanese economy. One is Abenomics and the other is formed by a combination of fundamental reasons, namely –1) Weak closing of S&P 500 following confusing testimony of Chairman Bernanke; 2) Volatility in…
After making a new high since December 2007, Nikkei 225 dropped -1,143 point or -7.3% on Thursday. Friday turned out to be no better with a yo-yo move. Though Nikkei gained +128 points, it was far lower than the 500 point gain that the index had intraday. In two days, the index dropped -6.4% and…
Shanghai Composite peaked in October 2007 at 6124 after rising almost six fold from July 2005 low of 1015. Then along with rest of the global equity markets it crashed, finally bottoming in October 2008 by reaching a low of 1665. Since then once a global leader, it has been a global laggard. In the…
The tech bellwether, Intel has had some tough trading days in the last few weeks. In My 2012, INTC made an eight year high of 29.27. Since then it has been downhill for the semiconductor behemoth. First, the news came in August that Warren Buffet’s Berkshire Hathaway had dropped its Intel stake. Berkshire shed all…
INTC is forming an emerging double bottom pattern. On August 6th, the chip maker broke above the neckline of a double bottom formed by the lows on July 12th and July 24th. Before that on August 1st, it broke above the upper limit of a descending triangle making it a failed pattern. In the process,…
Past few weeks have been quite brutal for the single currency of the eurozone against the greenback. By Memorial Day, EUR/USD had declined everyday in May except for two. Now it seems that the pair may be setting up for a bounce. Since mid-February, EUR/USD has been forming a descending triangle. The lower boundary line…
The widely expected victory of Francois Hollande in the just concluded French presidential election is going to pose a fresh challenge to the German-dominated policy of economic austerity in the euro zone. Here is from AP: “Socialist Francois Hollande defeated conservative incumbent Nicolas Sarkozy on Sunday to become France’s next president, heralding a change in how Europe…
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