Thursday, March 15, 2007

Keep Your Eye On The Shanghai



The Shanghai index has recovered nicely since the 9% drop at the end of February. In fact, investors bought stock when the index got down to the 50 day moving average.

Even though the trend is still up, I see the potential for a head and shoulders top. I stress the word POTENTIAL because this formation is NOT even close to being confirmed. It would take a move below the 50 day moving average for this formation to be confirmed. I'm just posting this chart now so that we all can watch it together.

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