Thursday, August 16, 2012

Speaking of triple tops...

In the following chart there is a "triple top". Actually it is just a resistance point that has been hit three times now in the context of what appears to be a larger rounded bottom. The part that makes this look like a bottom is the volume. The volume has been much larger as this bottom formed. Making me think that big players are putting on a longer term position. I try to be going in the same direction as the elephants. It is easier to avoid being trampled that way.

I actually heard on the telly last week that one of the larger hedge fund managers had reported a new position in Chesapeake Oil and Gas. Which is probably in the same group as GASL the fund....

the chart:

The precious metals also look a lot like this chart. See GLD, SLV....


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