Daily.
Positives
Stoch's 5 & 14 are both rising off the oversold area & are near 50
MACD is above the signal line
Histogram is above zero & rising.
Support (12.5 – 13) has held.
The volume traded shows accumulation is still going strong.
Negatives.
The update failed to result in a higher close and the close as at the lower side of the 51 day trading range.
Volume increased during the minor shakeout immediately prior to the update, not sure if that was the result of a leak or just coincidence but as the volume on the day of the announcement spiked as profit takers left one has to wonder.
Outlook.
The indicators suggest momentum is growing but the cappers appear to be still in control so I presume that we will continue sideways in the range.
The converging trend lines come together by mid week next week so I would be looking for a reaction as we approach there, what that will be is anyone’s guess atm it is pointing up.
A break below the rising blue trend line will likely result in a retest of the 10.5 low.
Resistance is around 14 – 14.5, support 12 – 13.
Weekly.
Positives
Stoch 5 has now crossed above its sig line
MACD is still rising back toward the sig nine
The Histogram is still rising back to zero. At the current rate both indicators will cross next week if the trend continues.
Volume was significantly higher than the previous week (nearly twice)
A large Doji type bar / candle has formed as support & the attempted shakeout while drawing out nearly twice the vol of the prev week appears to have failed.
A break below support (the dotted red line) shows next support at 10.5
Support at 12.5 - 13 held in the 11 week range.
Negatives
Close was at the low side of the range with increased volume
Outlook
The sp has converged with the projected trend lines (rising & falling ones)
So based on the indicators showing the rise in momentum and the convergence of the trend lines, I would expect to see the resistance (14.5 – 15.5) tested in the coming week.
Support remains at 12 – 13 and resistance around 14.5 – 15.5
(20min delay)