Chart Update, page-8892

The chart below is a daily chart with EOD data as at 1200 today. What i consider to be significant support and resistance levels are shown as horizontal dotted green lines on the chart. These levels are associated with historical Very-High-Volume Close levels. The most recent levels were both associated with large selling. The current resistance level for me is 1235c which just happens to be the current level of the 50 SMA. A break and Close followed by continued price action above this level would be a very good sign that the trend may have turned. The resistance level above this level is around 1389c which is also the current level of the 200 SMA. The price rise today is very encouraging and hopefully will close on good volume.

The Money Flow indicator I use is OBV, which is shown on the chart. Its pretty easy to see the reason for the SP fall just by looking at this indicator. OBV has now flattened out and is trying to turn up and green again. There's been a few false OBV signals recently, so here's hoping this one will follow through.



All IMO - good luck everyone.