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Thursday, March 20, 2008

streetTRACKS Gold Trust (ETF) (GLD) Technical Analysis

Today we'll analyze the Stock gld for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 87.68$ (02/05/08) to 99.17$ (03/17/08) a 11.49$ move
2- The current bearish trend started from 99.17$ at 03/17/08 and is currently trading at 93.04$.

3- The stock current support level is at 92.07 which is the 61.80% fibonacci retracement of the last 11.49$ move.
4- The stock current resistance level is at 93.43 which is the 50.00% fibonacci retracement of the last 11.49$ move.
5- The Stock was supported by a support line, identified by two points: 87.68 and 86.5, and is currently supporting at 90.63.
6- According to ADX, the trend is currently strong bearish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.

Conclusion:
gld is currently trading a strong bearish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting no favorited direction,
recommend hold or waiting for entry , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 93.43, 94.49, 94.78, 95.38, 96.11, 96.46, 96.83, 99.17, 99.17.
Support Levels: 92.07, 90.63, 87.68, 84.55, 80.58, 87.68.


That's all for today ... thanks for reading the post,
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Shadi
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We Moved!!!

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you can also subscribe to its RSS feeds or newsletter to get updated when new analysis is posted
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hot stocks
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Shadi