After an hour of trade, DOW and Euro looks to be heading southwards. So… The expected Head and Shoulders pattern (mentioned in my previous posting) formation looks to be failed.
We have to see, the supports shown on both charts will be attained in a single trading session or not.
Additionally, the Housing data is expected today in US which can turn the markets anyway.
Since the effect of this data cannot be forecasted / guessed, we will have to keep our fingers crossed to see till the Close of DOW.
Commodities: I have attached the 4 hrs charts of Gold and Crude oil. All these are taking the Hit. As you can see from the chart, it has convincingly broken the trend line.
An ominous look…
Anyways, we will wait and see if this is going to be a blood stained week for the rest of the trading sessions…
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
