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
Used a close above the Bearish
trend-line from the mid October high as a Stop and though it traded above temporarily early last week, it did nto closed above that mark, for now will continue to Stop above that trend-line, and making a small adjustment for the temp break above, currently at 1.2990/00.
Industrials/Transportation Ratio: Bearish
. When the Dow Jones Industrial Average rises in value when measured against the Dow Jones Transport Index, the weakness of the transportation sector is supposed to reverberate throughout the entire economy.
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
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.