Sunday, July 13, 2008

Bank of Montreal Analysis for 07.13.2008

BANK OF MONTREAL - BMO-TC

Monthly chart shows continued weakness and selling pressure. While there was short term support off the .618 fib level in March 2008, the bulls were soon overcome by the bears as they continued to sell off their holdings. No buy signal/pattern evident on this timeframe. With continued selling pressure, and a break of the March 2008 low, the next downside target is at the .786 fib level of $38 or so.

Weekly chart shows that the bears managed to take back 79% of the gain made since March 2008. Price is currently below all key moving averages. No buy signal pattern evident on this timeframe. Possible consolidation/trading range before next leg down.

Daily chart shows bears gapped down the open of Friday's trading session in their haste to exit their positions. No buy signal/pattern evident on this timeframe. Possible consolidation before heading lower.

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