weekend charting 29-01-10, page-72

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    Rightyo, Lachmap heres my take on CSV for you:

    On the daily chart CSV was advancing about as steady as you can get until peaking early January, and since then has pulled back in a fairly straight line to the point where it has crossed the 41 EMA (which it traded above since last April), which is a key sell signal, and is now sitting on the bullish trendline formed by price movement from July through to October. The next support level if it breaks the bullish trendline is that little area of consolidation at 1.67 and then around 1.40 where the 195 EMA currently sits. None of the technical indicators are showing any hint of a turn signal yet, with the exception of the Stoch, which is now clearly oversold.

    2010-01-30 CSV daily

    The weekly chart shows the same steady bullish trend until earlier this month, but now looks overbought on some signals, and will need to close this week above that trendline if its bullish run is going to stay intact. All in all it looks to be a hold on the longer timeframe due to being above the 41 EMA - its got a couple of support points/levels between current price and the 41 EMA on the weekly so there's plenty of opportunity for it to turn and remain a hold, albeit probably on a new trendline path.

    If you have a shorter term perspective and arent in it, then the charts suggest patience will be rewarded if you wait for turn signals, as there is still sownside risk, but that will provide an opportunity to buy in at a much better level than recent months.

    2010-01-30 CSV weekly

    Cheers, Sharks.
 
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