Monday, 23 April 2012

3pm update - awaiting the next break lower

A few afternoon bargain hunters entered just earlier, causing a mini ramp, but it remains well within the bear flag zone, and under the important 10MA. The near term outlook remains bearish.



Whether we sell off in the closing hour really isn't that important, it would merely be a bonus for the bears. The bigger issue - confirming the bear flag on the daily cycle, has already been successfully achieved. Bears should be more than satisfied with today.

A brief summary to come after the close.