2022 Charts, page-2365

Daily 4 Nov
Positives
Stoch 5 is above its sig line & ising
Stoch 14 is above its sig line & rising
MACD is rising & almost back to its sig line
Histogram is rising back toward zero
Closed above the mid point of the current range.

Negatives
Stoch 5 is very wide & in the bearish zone below 50
Stoch 14 is in the bearish zone below 50
Histogram is below zero & the MACD is below its sig line.

Outlook
Frid recovery while welcome seems a bit suss as did the prev Fri. sudden sharp selloff but maybe they have milked it enough & the real sellers have gone.
Despite the sexy looking candle, Frid vol was a modest net buy day of 590,256
The daily chart has certainly improved because of the higher close though & so we have to go with what it now looks like & it looks very positive for the next few periods at least.

Frid high was at a projected resistance from some converging trends so I would expect to see a retest of the prev b/o point from around the base of the last gap & range top (53.5 – 54.5) before moving on.

The next resistance target area is 55 – 59 then on up around 63 - 64.


Weekly
Positives
Toch 14 is in the bullish zone above 50, is above its sig line & rising.
MACD is above its sig line & the Histogram is above zero
Closed near the wks high & higher than prev close

Outlook
The weeks low bounced from the rising trend projection.
The long tail on the candle shows the buying support returning, albeit very late in the last session on Fri.

The weeks total vol of 52,533,616 was only slightly lower than the prev weeks & was net selling of -2,896,840 compared to the prev week -13,943,574 net sell vol.
That selling can be attributed to the shorter’s with reported shorts up to Thu of 3.6 mill which is 87% of the net selling.
Most of that was on Tue with 3 mill reported shorts. Without that vol there would have been 1,632,713 net buying.

The weeks price action looks like a shakeout that in the end did not deliver much.

Initial support is 52.5 – 53 & then down at 48 – 49.
Resistance is from 57 up to 61 then up around 63 – 64.

There is a nice pennant formed on the weekly with the pole base at 36 & high at 61 giving a target of 85.

As Gough would say.  "It's Time."