The most important
bearish factor is the rise of US unconventional oil production, the expert believes.
A daily close above that price level could lead to a higher bounce, but the larger
bearish pattern will likely keep the upside contained.
The stock exchange continued its
bearish trend on Thursday as Fitch Report highlighted economic challenges facing the economy.
CADCHF: This pair remains technically
bearish on the daily timeframe as long as prices can keep below the 0.7050 resistance.
The MMI is a yardstick which measures whether Singular Research should be more bullish, or neutral, or
bearish.
The improved optimism and physical demand came at a time when holdings of gold in exchange traded products had dropped to a three year low and speculators held record numbers of
bearish trades.
Technical resistance levels: 873.24/875.72/878.78(main) Technical support levels:868.95/861.75/859.00 (main) Trading range: 859.00 -- 879.00 Trend: Swing Market sentiment NEAR-TERM:
Bearish MEDIUM-TERM:
Bearish LONG-TERM: Bullish 2009/01/13
While some economists feel the residential housing market is close to stabilizing, more
bearish onlookers feel that housing will remain sluggish throughout 2007 and into next year.
In further support of his
bearish outlook, Threlkeld pointed out that copper consumers have already been using other, substitute materials if they can.