I am sure every body saw the very strong support around the 138 level. If you look at the weekly chart you will see that at that level it was at 50%(retracement) of the last range up from 117.5 to 157.5c.
If you also look at the volume each time we had a weekly retracement there was less volume on the sell side of the market, this would indicate that quite obviously the sellers are drying up.
Lapdog is correct on his chart about the pressure at 50% on the daily chart. Looking at the longer pull ranges however it is indicating that we will break through the last top of 157.5 and start heading up to 230. See monthly chart for resistance at this level. It is also the natural square of 144 at 2.304 in the market.
On a two day swing chart the ABS market is still showing uncertainty with lower bottoms (only just though) and a higher top. I still believe though the sentiment has change and we will see higher prices this week breaking the last high of 157.5 and heading up to 170/75 with a retacement back to 1.65/68 and then higher levels after that.
ABS
a.b.c. learning centres limited
go baby, page-6
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