Hourly:SP honoring short term up-trend (blue line), with the...

Hourly:

SP honoring short term up-trend (blue line), with the price hovering around the 61% Fib retrace (green line within shaded box). Based on history (not shown) it is not common for the MACD to cross into negative territory on the hourly chart during sideways consolidation. Volume has decreased significantly over the last 3 trading days (blue arrow). RSI hovering in the middle of the channel. Anticipate sideways movement from here.



Daily:

If you subscribe to my belief that past performance is an indicator of future performance for the RAC shareprice, this you might find this chart a little exciting. The blue arrows on the chart below indicate the similar MACD trends from the past consolidation to this one. The blue line has nearly met the orange line and based on recent history, when the blue line crosses the orange line after a long consolidation back to neutral, it results in large price movements. The purple arrows within the RSI at the bottom indicate the buying pressure required to initiate the run up. Historically, the RSI has had to cross that orange line to initiate the next run up. I'll be keeping an eye out if future movements match up with historic trends. I have spoken about this before, but when the SP has retraced to the 61% fib line it has moved very close to the 262% line to create an all time high. Current retrace is following historic movements quite well, despite the added selling pressure that we have all experienced.



In truth, I have no idea what to expect with future SP movements. It will be interesting to see how the Australian market reacts to an overloaded RAC clinical program and the increasing awareness of the potential for and data supporting Bisantrene, a potent and selective inhibitor of FTO.