NUZ Charting Thread, page-16

So we did get the breakout, though volume has dropped right off - possibly a macro political thing?
Without a sustained surge in volume I am now subscribing to a gentle upwards channel (seen below in blue on the daily chart) towards the 19.5 to 21.5 target area, rather than a steep upswing.
The upper level of the channel looks like it will work with the upper Bollinger band to box in any upward move over the coming days.
The lower level of the channel is also likely to track the middle mean line of Bollinger in the very short term- over the coming days this will also likely coincide with the 15.5 resistance line, which has become support since we broke through it.
200 day EMA (not shown) also around the 15.5 area
RSI (not shown) getting close to 70 - any higher than this and we get into overheated territory.
So there is a fair bit of hocus pocus in the air to suggest that the SP blue channel will be followed.




On the hourly below, after breaking out to 17 on decent volume, we saw a backtest of the breakout zone 15.5 on low volume.
This backtest failed to breach below 15.5, which is bullish (the market simply saw too much value at this point, so it "bought" the SP back up)
Today's volume makes it difficult to tell what is going on, except perhaps that the indecision that reigned supreme over the past month is still at play.
The Bollinger Bands too strong for 17 to be breached with such weak volume, yet the market saw value at 16.5, so my guess is that we will drift around here for a bit, most likely between the upper line of channel and mean line of the Bollinger.