Chart is becoming interesting again. After the long term support of 3rd August was broken at $2.74, we fell to just below fib 61.8% and a previous high of march 2010.
I have been waiting to see the tails forming on the candles (the sellers are gradually getting tired and the buyers are getting stronger.) There is one today, an "up day". For 5 of the last 6 days trade the stock has closed at the very bottom of the range. Sellers have complete control over the stock. They are winning.
Now today sellers have fumbled and buyers now have possession. We have a bullish engulfing candle today, but still withing the candle 2 days ago. I would like to see breakout and close above that candle...$2.22 or higher. There is still some lovely gaps above to be filled on a higher move. The Williams% is rising as is money flow, both positive signs.
With the Jackson Hole developments able to have a possible influence going forward, one needs to still be cautious, but for what it is worth, and from much technical influences, this market overall still has short term upside, and it is the overseas events that are dominating the volatility. The big boys are on the long side at the moment.
Monday is the long term change day event. If changes are to occur, it is on such a day as events will be amplified. It is not a guaranteed situation, but for LNC in particular, in the past it has been very responsive to those days. The last such day is shown as "n" on the chart.
LNC Price at posting:
$2.16 Sentiment: Buy Disclosure: Held
