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Homyk Registered Apr 2011 |
This is my technical chart analysis of the Metals & Mining Index using the XME ETF. My previous entry was the Industrials Index. Feedback and input is welcome as always!
Long time frame 
Price has moved away from the original channel and not touched it for over two years. The original channel got overextended, but a backfire hasn`t occurred yet. Price seems to have found another wide channel that looks more healthy starting from July 2009. Price is now in the middle of this channel heading steeply downwards, but with a strong support line close by from March 2010. Medium time frame 
We see that the Metals & Mining Index is locked in a fairly narrow bearish channel. It is in the middle of it`s wide channel at this moment and we don`t have any strong indicators for future price direction in the medium term. |
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