Today we'll analyze the Stock SDS for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 61.42$ (03/25/08) to 64.48$ (03/28/08) a 3.06$ move
2- The current bearish trend started from 64.48$ at 03/28/08 and is currently trading at 59.50$.
3- According to ADX, the trend is currently bearish, which is getting stronger.
Short term chart patterns :
4- The Stock was resisted by a resistance line, identified by two points: 64.48 and 66.73, and is currently resisting at 62.605.
Mid term chart patterns :
5- The Stock formed a 10.22$ height triangle which was broken down at 63.58 in higher than usual volume, target of the pattern is 53.36.
Long term chart patterns :
6- The Stock was supported by a support line, identified by two points: 58.87 and 50.18 that was broken down at 64.14 transforming into a resistance line.
Conclusion:
SDS was trading in a bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .
Resistance Levels: 60.68, 61.40, 61.99, 62.58, 62.61, 64.48, 64.52, 64.72, 69.25, 73.74.
Support Levels: .
We Moved!!
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Monday, April 7, 2008
UltraShort S&P500 ProShares (ETF) (SDS) Technical Analysis
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have a nice day,
Shadi
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