Ok folks, thought i'd throw up a couple of charts, so if you are...

Ok folks, thought i'd throw up a couple of charts, so if you are of the fundamental anti chart camp look away now lol Haven't posted any charts in a while, but thought there were a few interesting things to be seen that could show that this rise we are seeing this time could be different from the previous ones. We hope!

Firstly I'll put up the Weekly because the longer term view is going to be the one to show us there is a definite trend change possibly in the making. As you can see I've numbered the relevant bars and what I'm going to point out is why I think this sp increase may be different from the previous ones. Now firstly I should explain that what I look for in the turn of any stock is a high volume down bar finishing off the bottom. This tells me that we may be at a capitulation stage with potential buyers coming in to buy from weak sellers. Bars 1,3,6,8 and 9 show this. However notice that bars 1,6 and 8 all finished in the lower part of the bar, this tends to be more bearish than finishing in the top half. The only 2 that haven't were bar 3 and bar 9 from a couple of weeks ago. Also with the volumes bar 1 had high volume but was immediately followed by bar 2 which was high volume as well closing low so that rally was doomed and subsequently continued down. Bar 3 had highish volume but was actually on lower volume than the previous week, not what we really want and even though it did turn the trend it was stopped by the high volume up bar(5) where selling came in again. Bar 6's high volume turned the trend but again was ruined by bar 7 which struggled up on less volume and finished off the top. Bar 8 there was too little volume to do anything other than send it sideways and down. Now the difference with bar 9 is that the week prior to it was on low volume, we had a large spike in volume which finished in the higher part of the bar (bullish) and then was followed by a very low volume narrow spread week. That just screamed buy, there were just no sellers to take it down and well this week so far you can see the results. So that's the Weekly and hopefully not too confusing.



Anyway onto the daily shorter term view and as can be seen every time we have had a wide spread high volume day like today it hasn't been good for the SP so we can expect a sell off over the next couple of days though I wouldn't be suprised if we hit the 41c resistance level. Todays bar was very bullish. We also broke out of an RSI triangle and broke the RSI 50 level too. What will be important though is to see how much it gets sold of and if we can keep making higher lows. What we need to see ultimately is a break of the 41c level and then a pullback to that level as support from above.

Well it's good to finally be talking about resistance levels rather than looking down towards the next support that's for sure lolol Hopefully it stays that way for a while.

Cheers!