Don't Ignore This Chart!

Societe Generale Broke Down Before Headlines Hit


Among other items, Wednesday's sharp decline in stocks was blamed on solvency issues surrounding Societe Generale (GLE.EU), a large French bank. It is, however, worth noting that SocGen, as it is called, was already in a downtrend. Moreover, the stock broke supports in early July and again in early August. SocGen is down over 40% in the last two weeks. Problems were evident on the charts before the media noticed.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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