Saturday, February 2, 2008

BG40 Weekly - 01.02.2008

Here we have the Weekly chart of the broader market - BG40.
On intraday basis the market shows some signs of strength - also on Friday US markets shrugged off the -17k NFP (+ 70k expected) and focused on the 44.6 billion deal in which Microsoft offered to buy Yahoo.
Anyway the weekly chart has some technical inclination to show more of a drop before resuming the upward trend represented by the long term trend line support that comes around 310 / 320.
MACD hasn't signalled any reversal of the downward momentum and I assume we have to first close the gap around 310 where the tredn line support will help to develop a strong base for reversal.

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