End of month rebalancing or another reason - that is all fundamental. Regardless of the reason for the 0.260 close, it is printed indelibly on the chart and will be factored in.
This is what I hoped to see, best case scenario. Never been happier to see my analysis wrong! Let's look top down:
MonthlyToday saw the monthly bar close. This close remains bullish. All MA's have increased their slope, and we closed the month above both the yellow e21 and the 0.245 fib. Looks like a pretty good chart. Volume is increasing as well.
WeeklyNot too much to say about the weekly yet, perhaps Friday will provide more information. e21 continues to cross the e100, essentially our bounce point. Green w5 is flattening and will hopefully continue to turn up. If it does, we will be on the move again.
I've added volume by price on the left (yellow). You can't deny the pressure of the 0.245 level, it is the most traded level of the entire chart shown, and only shows that levels volume from March. Interesting how the major spikes of the volume correspond to key levels shown on the chart.
Daily Without today's close, we would not have seen such a sudden reversal on our green w5. It's bounced off the e100 & e55, both of which also haven't been able gained slope from today's close. The e21 has also turned positive again, and we closed just shy of the e200. Our s200 continues to drift lower, this should make it easier to break through, however it's slope is now more aggressive and so will still be a mission to get through.
You can see from the volume by price, the key buying & selling that will roughly translate as our overhead resistance. Strong level at our fib (0.24-0.245), the e200 (0.260) and our 2nd hurdle with the 50% fib (at 0.285-295). s200 likely doesn't show because the price couldn't hold up long enough to trade through the level. It spiked off too hard
The green w5 turning up is what I've wanted to see from this resistance zone. I expect us to give a decent attack on our overhead resistance, even the highs in short term. I'm extremely happy to see this. We also managed to lock in bullish divergence.
Things are looking pretty positive from my viewpoint. Look forward to receiving news from this technical position.
