Cid_Yama wrote:It's a sign that it's overbought. Those that got in late aren't willing to sell for less, nobody bidding more. When the speculators have to fill their contracts, they'll break for the door at the same time.
Or something will happen that the markets will interpret as bullish, and the price will go up. Then AFTER the fact, the "chart pros" will tell us it was an "inverted stupid random spasm pattern" and try to sell you their newsletter.
Congratulations for buying into the technical analysis nonsense. Purveyers of market "chart wisdom" who continually screw the general public which gets stop-lossed out of perfectly good positions should be SO thankful.
How many THOUSAND times have we heard recently about the "lost decade" and that "buy and hold is dead"? The full-throated roar, desperate to convince us of this is fully funded by the clowns who sell investment "advice" for a living, but oddly, can't make a living by following their own "sage" advice!
Oil is getting near the bottom of its recent range on soft economy fears. Seems rational enough. Now, go ahead and tell me that the crude oil price will behave the same on Monday if (for example) Iran attacks the Saudi oil fields or if Isreal bombs the Iranian nuclear "peaceful" bomb making facilities -- as if nothing major happens re crude oil news.
If you believe such news would haeve no impact, you are an idiot. If you don't, your chart patterns are meaningless, since charts can't predict RANDOM events, which heavily drive investment prices short term.
So go ahead. Tell me how some drivel-swoop-convergence-dogpoop chart pattern conclusively disproves this.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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