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Purely Technicals' Blog

PT: BKX at Rim Line

Purely Technical - NIghtly Commentary (Oct 19, '06):

The Banking Sector has been a big reason that the general market has been able to rally so strongly for the past few months.

The Banking Index had broken out of what appeared to be a Cup and Handle (formed between May and Sept) targeting 121 over 2-4 months. Over the past couple of days, BKX has slipped a bit and is now sitting back on the CnH rim line at ~113. The index needs to hold above this level on a closing basis or else the Cup n Handle will have failed.

Additionally, if the 113-level breaks, it is certain that RSI will show a centerline crossover and MACD a minor failure swing. Bottom line - the index would be under a sell signal.

  

Thats it for tonight's commentary...

Remember that you can avail of our (free) stock picks, which are updated every trading day,  at our Stockcharts.com Public Listing.

Asher Pinto

TheMarketMessenger.com

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Published Friday, October 20, 2006 6:52 PM by Purely Technical
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