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Head And Shoulders Pattern Triggers On Dollar

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April 26, 2012 – Comments (0) | RELATED TICKERS: UUP

The PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) has a clear head and shoulders pattern on the daily chart. Head and shoulders patterns are bearish in nature and usually mean more downside for that particular chart. This pattern has triggered on the UUP which is the Dollar tracking ETF. Because the Dollar trades inverse to the markets, the markets could see a little more upside in the coming days. This would be prior to the next fall that is on the horizon.

Gareth Soloway
InTheMoneyStocks.com
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