Source: InTheMoneyStocks.com's Trader Rant and Rave Blog
Thursday, March 19, 2009
Bear Flag Pattern Possibly On The Financials (XLF) Intra Day
Pattern Formation: Bearish pattern formation on the intra day XLF could mean a fall on the financials for this afternoon. Keep a close eye as the pattern is forming right below the 50ma resistance level. Should this intra day 10 minute chart close above that 50ma, it would negate the pattern of a fall. It should play out by the close.
