We've finally managed to close a weekly bar above the downward channel with a record weekly volume preceding the break. Here are some observations:
Bullish -Higher highs and higher lows on the weekly -Higher swing high on the monthly -I noticed a single 133k transaction along with a few ~20 parcels go through on Friday (abnormal for this particular stock) -Weekly and monthly RSI neutral -Weekly RSI creating consecutive higher highs and higher lows (not seen since 2008) -Now that we have 3 weekly swing lows we can draw a trendline (last valid weekly uptrend was 2006!!!)
Moving forward: -I would like to see 33c support hold -37-44c is a big resistance range and important VAP level, if we break this the downtrend will be broken on all fronts.
JAN Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held
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