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Bruce Powers
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Bruce has been involved in the financial markets for over 20 years as a trader, analyst, trading educator and financial writer. Core expertise is in the areas of investing, trading, technical and fundamental analysis, as well as corporate development and strategy. Bruce writes a weekly column... More
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  • Chart Analysis of Bearish Symmetrical Triangle in BWX Exchange Traded Fund 0 comments
    Apr 7, 2010 8:43 AM | about stocks: BWX

    A Bearish Symmetrical Triangle has formed on the SPDR Lehman International Treasury Bond Fund ETF (BWX). 
    BWX ETF Weekly Chart

    A move through the bottom triangle support signals the likelihood of acceleration in price to the downside with a minimum target of $52.06, based solely on the measuring objective of the triangle. The 50% Fibonacci retracement of the larger uptrend is also in this area of possible support. 

    $58 (top of triangle) - $54.81 (approx. bottom of triangle) = $3.19
    Breakdown trigger of $55.25 - $3.19 = $52.06 minimum target

    Disclosure: no current positions
    Stocks: BWX
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