2019 Charts, page-7

Daily;
Positives
Stoch 14 is just above 50 & has crossed above its sig line.
The MACD is above its sig line & rising
The Histogram is above zero for the 2^nd day.
The sp closed at its days high on small but rising volume.
The gap closed (in the six day time frame)

Negatives.
The stoch 5 is below its sig line & has returned to 50.
If it continues through the 50 line the stoch 14 & sp will follow.

Outlook
With the return to normal market trading and the expectation of the OT or another update I would think that interest will return & we will see the resistance (15 – 16) being given a decent nudge in the short term.
However until the OT appears it is likely that the mm’s will resume where they left off last year & any attempts to break the down trend will be blocked & we can expect to see 12 – 12.5 coming under attack again as they accumulate more.
Hold those shares.


Accumulation chart.
Last week saw some selling on the last two bars as the sp attempted to cross the resistance line (down trending Blue line). Maybe it was profit taking going into the weekend or maybe it was the night watchman mm doing the minimum required to keep a lid on thing.
Either way the long term momentum indicators (MACD & Histogram) look to be starting to strengthen
The closing of the two gap’s last week saw the sp dip into the lower half of the trading range & then close back up on the high.
Usually a good sign & may follow through to test the top of the range box at 15.5 again when the real traders start work again.
The sp closed right on the resistance (the top MLH of the 12 month fork.
Resistance is 15.5 - 16 & support is around 13 – 13.5 .
Current accumulation estimate for range 13 has fallen a bit to 9,416,051 or 1.7% of available shares.


Weekly
Positives
Stoch 5 rising & is above its sig line
MACD is narrowing
Histogram is rising (Diverged from the MACD)

Negatives
MACD is still pointed down
Stoch 5 avg is still below the oversold line
Volume was lower as the sp tried to rise & failed to make & better the prev. bars high.
Failed to break the projected st trend line (drawn from the low at 10.5)
Currently at resistance (converging trend lines)

Weekly outlook.
Last week being a short week & with traders probably still in holiday mode the rally appears to be faltering with low volume & the doji candle.

The early stage positive looking indicators & return to normal times could see an increase in volume (momentum) and a continuation of the s/t up trend
Potential downside to the weekly support at 12 – 12.5
Potential upside to test the resistance around 15 – 16.5 prior to any updates.

It will take something special to get the sp out of this down trend back above the 23 – 25 area (trigger line)
But we will get there