Post by
bullchart on Oct 22, 2015 9:30am
Last red candle weekly for cxr?
I think so. 7 weekly red candles. Reminds me of apr 13 to May 25, 7 weeks down but on a different level. This week, percentage wise, this has been the worst weeks. IF these weekly drops are over, I would expect a Friday close a tightening. We do need a couple weeks of consolidation in the index. The buying today and Friday, along with the hold over the weekend, should tell us how oversold this is. Cxr has dropped around far more than the index and would have to be in the area of 75 to match the index fall from the high...so yes oversold for sure. Does not mean they cannot keep retracing that two year chart all the way back to where cxr began this run.
Comment by
bullchart on Oct 22, 2015 9:38am
And still a follower today so far. The test will be to hold yesterday's low. The health index seems to want to test yesterday's low also.