Wednesday, July 25, 2012

Riverbed Island Reversal

Currently there are many technical reasons to be bullish. The NYSE A/D line has not broken its long up trend.  The railroads such as CNR and UNP are both above rising 10 & 30 Week MAs and close to 52-week highs. The broader stock indices brushed off Apples earnings disappointment and on our TSX the materials and the gold sectors have complete a perfect Fibonacci 61.8 percent corrective retracement the great 2009 to 2011 advance.

Also of important note is the bullish trend reversal of Riverbed Technology, Inc. (RVBD) after reassuring investors with better-than-expected earnings reports and future guidance. The technical picture has changed suddenly with the completion of an island reversal formation as displayed in our daily chart. Bullish island reversal patterns are rare but very reliable. Next few posts we look at the rails, the materials and the NYSE A/D line

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