Near term trend: Turning Positive (Corrective)
Mimicking the global rally the Argentina Merval has risen over 1000% since Nov 01. Watch the perfect rising parallel channel on monthly chart. Which was broken in June/July 08 resulting a sharp cut in the subsequent months. The index lost over 51% since last October. Now poised for a recovery, provided able to close above 1216 (first indication of strength) & the most crucial level of 1349 in the next few days/week, preferably in Oct 08.
Failure to close above 1216 in near future will lead to slow and steady drifting towards next crucial levels of 11k.
Mimicking the global rally the Argentina Merval has risen over 1000% since Nov 01. Watch the perfect rising parallel channel on monthly chart. Which was broken in June/July 08 resulting a sharp cut in the subsequent months. The index lost over 51% since last October. Now poised for a recovery, provided able to close above 1216 (first indication of strength) & the most crucial level of 1349 in the next few days/week, preferably in Oct 08.
Failure to close above 1216 in near future will lead to slow and steady drifting towards next crucial levels of 11k.
