Hey Grossy.From a drawn out weekly chart we can see some wicking...

Hey Grossy.

From a drawn out weekly chart we can see some wicking support at the .175 level from July last year. There was that spit down to .115 during that but it was quickly bought back up. (lucky buyers).


When I say wicking support, I mean that the candles only wick down to that level within the time frame, it never opens or closes there. For example, this weeks wick down to .175 only saw 53,277 shares traded at that level before demand bought it back up.

When we talk support / resistance levels it important to know that what was support now becomes resistance therefore what was support at .21 now becomes the next resistance level.
So we are now in a band of support and resistance between .175 and .21.

Now when we toss some other indicators onto a daily then we can see that for the first time in over 2 weeks that the SP closes above the 8ema and heading to the bollie median level which is always first target after a tagging of the lower bollie. Get through that and the battle with .21 begins. MACD is angling towards a battle next week.



Hope this helps.

Cheers