HOUSING INDEX - $HGX
Monthly chart shows the index has retraced to the .886 fib level where it found short term support. Index remains well below all key moving averages with no buy signal/pattern in sight on this timeframe.
Weekly chart shows down trendline remains intact. There is regular divergence noted on the CCI momentum indicator for now. No buy signal/pattern as of yet on this timeframe.
Daily chart shows short term support off the .886 fib level (as seen on monthly chart). Overhead resistance is right at a key LIS and prior support - old support becomes new resistance. Bear flag pattern in place, creating a small consolidating range the past 2 weeks. IF this is a bear flag, THEN look for lower low to follow. No buy signal/pattern on this timeframe either.
Sunday, January 20, 2008
$HGX Analysis for 01.20.2008
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