Hi all, last weekend I posted charts for three different...

Hi all, last weekend I posted charts for three different time-frames and here's an update. The monthly is a slow mover and hasn't changed much so I'll leave it upstairs sleeping and include the jumpy little 15 minute chart instead. I thought changing to the dark colours might help make my chart look less busy, but it turns out once I get the crayons out I can't help myself and start scratching lines and stuff all over it. It is what it is I guess.

First the Weekly, where momentum has turned slightly further down after a third consecutive week down - still threatening to push down to the $1.185 to $1.195 level. But it still has to break below the bottom of the yellow egg and there's a couple of obstacles in it's way that are more easily seen on the daily chart.



On the daily chart I've added a blue box to highlight a volume shelf that sits directly underneath the yellow egg zone that could come in to play as support. It sort of has already on Friday when price touched the exact bottom of the egg/top of the volume shelf at $1.32, but the bearish engulfing bar suggests price has not finished testing this level. Still patiently waiting for some strong hints at a reversal, but Thursday's lone green day was not it. Sure demand stepped in to force price up a bit, but the high volume suggested sellers had far from given up the fight, and Friday's action rammed that observation home.



This 15 minute chart shows the last week with definite signs of demand coming in to make downwards movement more difficult but sellers stepping back in to take control.



Hmmm not the most bullish collection of charts but at least there's some clear levels to watch and help gauge the strength of each move and potential reversal.

Good luck all, Rooster.