Dear readers, thanks for dropping by my blog. I'm currently expecting and will be due anytime from now :) Much as the market is in some exciting times, nothing will beat the joy and excitement on the arrival of our little junior. I will be taking some time off the market as well as blogging. But I'll be back...suggest you subscribe to my blog and once I'm back in action, you will be notified & updated. Meanwhile, all the best in trading. Take care!
The US Dollar index has been consolidating at 89 and confirmed hanging man yesterday, which is bearish. It has also closed below support and trendline. Next level of support for US Dollar index is 86.
Gold hit $1000 mark in Feb. Now it is sitting right at the trendline and horizontal support. We have a potential head and shoulder formation. If it closes below this critical support, we are likely to see a measured move down to $800.
American International Group, Inc. (NYSE:AIG), Citigroup Inc. (NYSE:C), Bank of America Corporation (NYSE:BAC) have been in the news day in day out. How much deeper is the hole? How much more money they do still from the government? How low can their stock price go? Frankly, I have no idea and I don't think anybody knows for sure. But looking at their charts, its not difficult to see where their next few level of support are.
Citigroup Inc. (NYSE:C) levels of support: $1.0, $0.8, $0.45
Bank of America Corporation (NYSE:BAC) rebounded from strong support at $2.5 on 20 Feb. Next level of support is around $2.0, followed by $1.32.
American International Group, Inc. (NYSE:AIG) has tested its all time low of $0.38 on 24 Feb this year. Basically, as you can see from the chart, there is no other support below. Yikes!