weekend charting 29-01-10, page-163

Heres my take on AKK:

Weekly candlestick shows price is in an ascending channel. I dont like all the long upper wicks especially the most recent one with the cross marked on it. Having said that, the most recent candle is a doji on higher volume which is indicative of buyers coming in on the support line. Worth noting is price is flip flopping around the pink 50 EMA so this should break one way or the other soon. Honestly I think it will eventually break down given the angle of the channel but until it happens the medium term trend is up with the longer term trend down after the top in August.

On the daily candlestick price has bounced hard off the lower band of the channel on good volume so short term at least it is looking like heading back to the top of the channel. Its got solid horizontal support at 5c. We had a doji yesterday on light volume which is healthy for the short term uptrend. Its reluctance to close near the upper band of the channel is another hint that this will eventually break down out of the channel but until that happens (if it happens) the medium term trend is up. We've got some repeating ranges within the channel also.

Acc/Dis is converging with price and is already approaching the upper band of its channel signalling new buyers are coming in. There is also slight positive divergence between this low and the last. Will we see a break out to the upside of the channel in Acc/Dis and if so will it exhuast the buyers before price hits the top of its channel?

Stochastics have made a higher swing low and are pointing up which is bullish short term.

RSI has reached the top of its channel and has turned down. Will we see a breakout of both RSI and Acc/Dis? It looks likely to me.

All up short term it looks like a good trade from here to the top of the channel. Waiting for a breakout on Acc/Dis and RSI would probably be a good idea, but it definately favours a bounce here anyway IMO.

Here are some charts: