Hi Dangling Pointer, as you can see on the updated weekly chart that the 60cent level is looking pretty ominous. Whats been happening here with SXY is over the last 4-5 months, the day traders are having a ball with this stock whilst it is trading within this channel, selling at the top and buying at the bottom, typical human emotions kicking in, Sell at tops and buy at bottoms ! The stops are set at the "green" lines, easy money to be made! The channel will be broken, when I don't know, but be prepared when it breaks the top green line, it will rocket up, my views are that the bottom green line should hold support, unless something drastic happens.
I don't trade the channel, I am a very long term holder and am happy to hold on as I truly believe that this company is going places
SXY Price at posting:
67.5¢ Sentiment: Hold Disclosure: Held
