Daily
Positives
Stoch 5 above the sig line
Stoch 14 has returned to the sig line
Vol remains low
The close was back up near the middle of the range which suggest support returning, or maybe it was just the shorter covering at the end of the week.
Negatives
Stoch5 & 14 are both below the oversold line
MACD is trending down
Histogram is below zero
Close was just below support.
Outlook
Last weeks expected shakeout attempt came to pass & we saw the sp break below 0.08 but has so far failed to draw out any significant volume & if it continues which is highly likely I dont expect that will change. No one is selling which suggests that the manipulator is still doing his thing trying to suck up whatever they can
Last weeks low was below my projected range which now creates the potential for a larger move down to the 0.068 – 0.07 level.
Short term I would expect last week’s low to be retested on Mon & likely a lower low coming in.
With the indicators overbought but turning up we may get a small rally during the week but resistance is possible going to form around 0.074 – 0. 075 then up at 0.08 so any rally will struggle to take off without help.
That help will only come in the form of the permits & very closely followed by funding.
Weekly
Positives
Stoch 5 is above the sig line
Vol remains low
MACD is above the sig line & remains flat
Negatives
Histogram is trending down
Support was broken.
Outlook
I expect to see a lower low than the last close (probably Monday) maybe down to support around 0.072 but if that is hit I would expect it to hold & bounce.
Monthly
Positives
The Volume for the month is about 1/3 of the prev month & the bar is very small range
Histogram is rising
Stoch 5 continues to rise as is the avg line.
S/T up trend still in tact
Negatives
MACD is trending down
Histogram is below zero.
Outlook
The next monthly bar will see either a move across the L/T down trend line or slide lower with that trend line remaining as resistance. I think it will slide across & support hold.
Support is 0.072 – 073. Resistance is 0.087
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