asz - chart

Some thoughts on ASZ:

On a weekly bar chart you can see two clear ascending channels, one on top of the other. Price broke through the upper band of the lower channel on good volume and this volume has sustained as it channeled up higher. Ive got horizontal support and resistance around round numbers of ten.

Theres an interesting thing here happening with Acc/Dis. The volume has increaseed during the price rise into the higher channel. But Acc/Dis has been channelling down in the opposite direction meaning theres most likely been some hidden selling going on. Recently Acc/Dis broke out of this descending channel so we may see price increase at a faster rate now that the selling has stopped. Acc/Dis has broken out and pulled back to the trend line as it often does before moving higher.

Having said that, more recently there was a large red candle on very high volume. So some conflicting things goin on here and I always want the most recent price action to be behaving well before I would consider it bullish.

On a daily candlestick chart I can see that price bounced off the bottom trendline of the upper channel. But there was hardly any volume behind and on less volume than the previous day. It actually looks a little bear flaggish....

Daily stochastics havent been getting as overbough lately which is bearish and more recently have been trending down with the overall pattern being on of a wedge or triangle which it has just broken down out of. I would be watching that stochastics doesnt start getting into mega oversold areas and stays there.

RSI has broken down out of an ascending triangle pattern which is bearish.

All in all, I dont trust this bottom trendline of the upper ascending channel holding. I would be at least waiting for some volume to come back in and to me it looks like price could be due for a correction. Theres also a long upper wick which looks like it could be a blow off top on Fri Nov 27. If we are going to continue into a medium term correction I would watch the Fib retracement levels and the nearest horizontal support areas to see if it forms a base there. If the break out in Acc/Dis kicks in and we see a nice bounce off the bottom of the upper channel on strong volume then its buisiness as usual and I would buy such a bounce if it were me.

[URL=http://img705.imageshack.us/i/aszweeklyvolume.png/][/URL]

[URL=http://img195.imageshack.us/i/aszaccdis.png/][/URL]

[URL=http://img692.imageshack.us/i/aszdaily.png/][/URL]

[URL=http://img705.imageshack.us/i/aszdailystochastics.png/][/URL]

[URL=http://img193.imageshack.us/i/aszrsi.png/][/URL]