February 6, 2011

Ascending broadening wedge of CNX -IT

  • Weekly chart of CNX-IT shows an ascending broadening wedge. This is  a bearish reversal pattern. One can look to go short once the supporting trend line gets broken.
  • Weekly chart is also showing an important trend line getting broken.
  • Daily is trading below 50 day moving average. 
  • So its looking negative for leading IT stocks. It can change if price in daily chart tries to move above 50 day moving average again.

No comments:

Post a Comment