Sunday, January 20, 2008

$BKX Analysis for 01.20.2008

BANKING INDEX - $BKX
Monthly chart shows index has already retraced more than two-thirds of the last move up off the 2002 lows. Index is below all key moving averages, with no buy signal/pattern evident on this timeframe.

Weekly chart shows down trendline in place and index below all its key weekly moving averages. No buy signal/pattern evident as of yet. However, we did have a lot of sellers showing up the past week. Look for signs of early buying by bottom pickers.

Daily chart shows regular divergence in the CCI Momentum indicator. No buy signal/pattern evident on this timeframe.

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