weekend charting 22/01/10, page-7

Have not posted QBE for a while.

First chart is 3 years of the daily. The EMAs are 8(green), 34(gold).

There is a long tern fork identifying a longer term down trend. Price broke out in September, into an IT consolidation phase, framed by the red fork. Basically it was banging around on the red ML, and made its way up to the first warning line of the down trend LT fork at the same time as it hit the median Line of the ST fork which described the short term rally that dot it there.



The second chart is the ST fork with the EMA41(pink) and EMA195(black). This chart is showing a bottoming stoch at the time of an ema8 cross down as price has gapped down over the ST fork support tyne and rallied off the EMA195, which you might think is a mixed bunch of signals.

A normal pattern at this point wold be to back test the broken green line as resistance. In a normal pattern, it will either break up, or not. If it breaks up, price should go to the green ML, if down, 1 channel lower.

I a sure Rob will be along to give his opinion on this one sooner or later. It's one of his babies