Following on from yesterday's monthly chart - Post #:...

Following on from yesterday's monthly chart - Post #: 46268589

Price is in an interesting position - the 5th time in recent times it has pushed up around the $4.18 level, which is the sharp bottom from Nov '12.

Obviously a pretty healthy day but closed below the upper 4.18 channel, which has generally then seen it sold off. Additionally it finished just above the descrending trendline ~4.10 from the two recent tops in April and June, so a reasonably positive daily signal.


MACD momentum for the May 18th top was a proportionally similar move (MACD) as the bottom in late March - ie. momentum topped out and continued down and picked up each of the next two tops around the upper channel before making bottom at 3.06 on the 29th June, right on a key support level and a nice buying opportunity - yep got some! Further, the 9MA has crossed both the 25 and 50 MAs and price has moved well ahead.

What is different is Momentum is UP and in its infancy with this move after crossing on 21st July.


Similar story with RSI as with MACD. RSI momentum was down with the recent tops and this move confirmed it was a reversal off the 29th June bottom after breaking above the downward trendline from April and now above the 19th June top. Momentum is UP.


So if we factor in the MACRO monthly 36MA crossing the 60MA with the above, the probability of a continuation of the upward move is higher - its confirming on the daily, what it is showing on the monthly. That's not to say the shorts won't try again between tomorrow and the 13th.

Macro indicators are the ones I'm interested in, because they will result in the biggest moves and let you sleep like a baby. The charts @stokdog has been posting are the ones to base investment decisions, once you've done your FA.

Good luck shareholders!