Falling and Rising Wedges are the most over hyped patterns in TA, both in their bullish/bearish directional signals and in their bullish/bearish intensity when they do manifest.
That said, RGLD is in a 'falling' one, which is thought of as a bullish pattern. Adding in some bullish divergence, one might think the short term downside is limited to 58, with the potential for a rally to the mid 60's and the 50 day moving averages.
A weekly chart however, shows much stronger support in the mid-low 50's which I think could be a more solid buy if it registers.
http://www.biiwii.blogspot.com
http://www.biiwii.com
That said, RGLD is in a 'falling' one, which is thought of as a bullish pattern. Adding in some bullish divergence, one might think the short term downside is limited to 58, with the potential for a rally to the mid 60's and the 50 day moving averages.
A weekly chart however, shows much stronger support in the mid-low 50's which I think could be a more solid buy if it registers.
http://www.biiwii.blogspot.com
http://www.biiwii.com
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