eld charts - 8th august 2010

HI Guys,

Thought I'd attempt to draw ELD chart.

Few things:

The weekly had the highest close since the plunge. Stochs and MACD are up on the weekly.

Speed angles suggest a 56-57 movement, even though I think this will head to 60 cents.

Fib 50% level from the previous high to the low is 60cents



The daily is headed to touch resistance at 52.5 or 53cents. once broken, will head to 56-57



More Fundamental news:
1) Russia bans grain exports from 15th Aug to end of year
2) Libya seeks 55 tonnes of grains
3) Wheat futures touch 23 month highs.
4) Pakistan and India expected to be net importers (earlier news)

More stock news:
1) Elders price has been demolished in the past few months
2) With rural activity very little.
3) Forward thinking traders will start taking bigger positions in ELD, considering the global outlook

Summary - ELD is headed higher this week!!!

Comments welcome
Mayo