It’s good to know where you are trading in the overall relative strength for a sector. She recommends several books related to technical analysis. She discusses the momentum indicators that they use and how there has been some weakness in the current stock markets. They look for confirmations from various indicators which provides evidence of potential success or weakness in the future price action. In technical analysis, the observations are the same across all price patterns, whether it’s a stock, commodity, or an index. The potential is there in terms of a technical profile. It could equal or surpass the previous high. The next resistance level is 1600 and than 1800. It makes sense for a pause and a possible pullback at this level. Gold has had a tremendous six-year base, and the recent breakout reached the support level of the 2011-2012 period. Recently companies have cut back on buying back shares but that is a significant reason for the market moves over the past decade. This is due primarily to companies buying back shares. Twenty years ago there were more stocks on the market than today. She says, “To a certain degree, that approach allowed me to think outside of the box.” A lot of her education was hands-on from the job itself. She found it fascinating and was hired right out of the class by Smith Barney. She received some professional advice from her broker, which led her to take an advanced course on the topic taught by Alan Shaw. Louise became involved with technical analysis in a round-about-way.
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