XME still mashed up against trendline
Posted By Mike On Feb 18, 2010 @ 5:22 pm In charts, commodities, short selling | No Comments
The miners have been among the leaders since the bottom a year ago, with everyone seemingly sure that hyperinflation is right around the corner. The thing about commodities is that when they break an uptrend, they can fall hard and never look back (witness oil’s drop from $147 to $35 in six months).
If XME is able to vault over this trendline and hold its ground, it will be bad news for the bears. Coming off extreme sentiment and a hard break, this is a very defensible short position with a tight stop.
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Prophet.net
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