| You've been waiting for it...well it's
back! Common Sense Support will be scouring the daily charts for
Blip formations.
Update Tuesday, August
5th.
Do
you know what to do with a Blip Reversal?
In
this chart of December Soybean Oil we had a potential Bottom Blip at the
green support level marked on the chart. This support level traced
back to earlier support in Jan and Feb '03. It looked like a good
formation: a Bottom Blip at past support. However as you can
see with this updated chart, the Blip "reversed" and this too
can be a powerful formation to watch out for! Note how the Blip
Reversal created another Blip that "re-confirmed" the current
trend. This Blip Reversal formation was completed when prices broke
down through the July 30 low of 19.35.
 
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