Saturday, January 26, 2008

$BKX Update for 01.26.2008


Monthly chart shows a possible hammer candle pattern shaping up. Index found short term support off the .786 fib area of the last move up from the October 2002 low.

Weekly chart shows a bullish engulfing candle pattern being traced out by last week's trading activity. Index currently remains below the down trendline in place. Once the trendline is broken, look for higher.

Daily chart shows small 5 waves down into currently support, where early buyers stepped right back into the financials. Friday saw profit-taking right at the .618 fib retracement level of the 5 waves. Look for a possible test of the low.

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