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Strategies & Market Trends : Classic TA Workplace

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From: Henry J Costanzo	5/4/2006 1:02:59 PM
	Read Replies (2) of 209892

XOI/oil. One week ago, posted that XOI had clearly broken its UT line from the March low.....Subsequently rallied to what appears to be backtest of that line...but down again yesterday and today..setting up what appears to be new DT from the April and Tuesday's highs.....double-toppish, if you will...And IMHO this ETF stays negative until/unless the new DT line broken... Very interesting that CL has followed very similar pattern since March..EXCEPT that today a sharp pullback has undercut last week's low....making the technical position of CL MUCH weaker than that of XOI..... and I would assume that weakness will spread to XOI...

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