It would seem that there has been a couple of bullish signs in an otherwise bearish chart.
Firstly RSI shows a devergence following a substantial down movement in price action. As can be seen in the chart posted RSI has posted a higher low, whilst price action has gone lower.
The significance? from a chartist point of view, although price has gone lower there has been less committment in the strength of the downward pressure.
This alone is worth watching, however to add strength to the case there has also been a reversal in price action.
On the 1st sept support broke however a doji on reasonable volume may have been the first signal. Then on the 2nd sept new lows tested (very weak volume). The key reversal was posted today; increased volume with price action pushing back up through the broken support. Would have been more convincing if price had closed up to at least .013 however still closed above yesterdays low.
Tommorrows price action will be the tell tale, especially if closes up again and above that .013 or at least regains a foot hold there.
STI Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
