August 17, 2011

False Breakout of Silver, ES, SPY and Crude Oil

  • Its a day of false breakouts.
  • Silver did an upper breakout from its rising wedge and gave a correction
  • Crude oil false breakout was from an ascending triangle pattern.
  • SPY and ES did gave false breakouts from the rectangles in which they were trading. Price is moving in the opposite direction.
  • Usually price moves well in the opposite direction after a false breakout. ES and SPY are doing it, But silver is trying for an upper breakout again.

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