Hi All
Another positive week for AVZ, up 15% on very high volume, 182m turnover ......nice.
RSI 14 is really pushing the maximus of over bought, but like i said before, this is more an FA event now rather than TA, aka LTR in a way, except AVZ is running hot on real FA...........
Looking on the daily, ascending triangle has been broken to the upside but has failed 3 times to break the 61 fib resistance ( yellow arrow ) albeit the third occasion on Friday had a bit more meat on the bone........
RSI 14 is at 72 but has gone as high as 86, so still room to move, not much, but sentiment high
MACRO
Global X was positive on Friday night, nice bullish maruzobu candle formed on the 23 fib support with above average volume........ABC correction over ?
Sure looks like it with RSI 14 looking like its turning up on 53 support line with the 5 ema turning up too.
A break of the 94 resistance and i will be even more confident........
Unfortunately the DOW aint as positive as the Global X etf, with inflation the big concern there, down another 270 pts on Friday night with above average volume, ABC looks complete but will it extend further down ?
Indicators look bearish
Could be a rocky start to the week, lets hope AVZ responds more to the Global than the DOW, nice to know the ML is imminent, that will keep the juice flowing , one way or another.
Everything is IMO
Good luck to us all
