Stock Charts Say Watch Out

Day Trading Using Stock Charts - Video Tips

You can never have too much knowledge about stock charts and technical analysis if you are interested in learning about day or swing trading stocks. Oscar Carboni is an interesting guy who has 30 years' experience trading stocks, he doesn't always get it right, but as far as I have seen he does get it right more often than not. But at least he is always willing to step up to the cameras and tell people where he thinks the markets are headed, before the event, then you can judge for yourselves if you think he is worth following.

Today (Thursday 31 May) he says the charts are bearish and the market should head down (futures at the moment are indicating a move up at the opening) - mainly because of the bear flags all over the charts. His short-term target is is 1274 on the SnP about 40 points lower from where we are now, which is where the 200 day moving average is. Long-term (in a few months time) he says the markets will start heading back up as crude oil prices are falling which is a great stimulus for the worldwide economy. But he is a day trader (he closes all his trades before the markets close) so today he is shorting the market.

Here is his video for today - you can fast-forward the first 9 minutes !

For more details on using stock charts to make stock trading decisions see - swing trading tips

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