Sorry it's taken so long to get back. Busy family life, two young kids, self employed business to run, and share trading. I'm exhausted just thinking about it. LOL.
As you asked, I've had a look at the chart for FXL and have made the following observations. BTW, my comments are based on what I see, not what I feel.
Yes, it's still going up. RSI going up nicely, sitting at around the 75% mark. Previously it tends to hit the 78% and retrace. This is a good thing. Every stock needs a slight retrace after a big surge in order to gather momentum for the next leg up. The chart appears to be getting toppy ATM and ready for another retrace.
I use a 20day MA as my MA of choice for shorter term trading. Having said that, it is clearly sitting above the 20day MA. Positive sign.
The surge beginning on April 2 had a fibonacci extension of 32.8% (that is the first level) of .80cents. The sp got to .81cents. The current fibonacci extension of 32.8% is .92cents. Current high is .89cents. So all in all, it looks like another retrace is on the cards.
Next level of resistance is the magical $1 mark and then $1.20.
Bollingers spread far apart and need time to come together again.
If you enjoy ta, then I would encourage you to pursue this avenue of research. It's great to explore something you enjoy. Together with a fundamentalist you two are a force to be reckoned with.
My only bit of advice, is to try to keep the ta side of things as simple as possible. Pick the indicators that you find give you the most accurate picture and keep those. I only have three. I still use others just to confirm what I am seeing. I've read a book by Stan Weinstein called "Secrets for Profiting in Bull and Bear Markets". Brilliant for a ta person. I highly recommend it.
