No this is not a test for supply. A test would be a DOWN BAR (lower close than yesterday) closing middle to high on light volume and a narrow spread and going down into or on top of a high volume/supply area previously cleared. If it closes exactly as it is today then this would be an UPTHRUST - where as prices is moving higher its being sold into - in this case its still coming from the close of that big down bar on the 4th. The gap up this morning LOOKS LIKE a little trap to catch out breakout traders - but we need to see where it closes today yet. On the daily we want to see a bar closing convincingly above the 19.5 (most of the bar above the breakout and preferably closing high) and then testing after that. If it keeps going up after the breakout without testing, they will bring it back down the track. But if it closes as it is or lower its probably going to come off for more(hopefully) accumulation.
PRR Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
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