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Weekly Charting - 13th October 2017, page-13

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Cabbie

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15/10/17

00:19

Post #: 27910821
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Originally posted by DrFork ↑

Hiya chart peeps. Thought I would have a crack at the chart of the week. Been a long time between drinks for the forks.

AGL - Monthly
View attachment 774366
Monthly chart shows a pivot just after the top yellow tyne and usually indicates a bigger swing in the reverse direction which has almost played out. The yellow median a likely support zone in the high $21 - low $22 level.

AGL - Daily
View attachment 774369
Two forks on the daily with both being almost coincident at major lines. Note the reversal from the highs at the 2nd upper yellow warning line. Price bounced off the yellow median however if it can't break the descending trendline, I see it going to the lower yellow tyne which coincides with the lower aqua tyne and would complete the range down and be a natural support. Depending on timeframes, this would be in the low $21 range.

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I found Andrews very rewarding in picking support and resistance for the longer term trades in the past @DrFork but haven't used it for a long time now - thanks for that reminder, it is a very good addition to a chartists toolbox.
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