TA discussion, page-4783

Strong finish in the last 30 minutes today so it is worth revisiting the weekly chart. Today's result is reminiscent of last Wednesday 19th, very similar pattern, a buyer happy to take out the 55 cent parcels on offer.  Tends to change the picture to some extent from earlier in the day and looks somewhat more bullish.

I have blown up the weekly so you can get a closer look at the price action over the last few weeks. The weekly MACD has assumed a better defined upward move, clearly  looking somewhat more bullish. The other interesting observation is that the SP is developing a rounded bottom.

This rounded bottom pattern tends to be a more reliable form of reversal compared with a sharp V shaped bottom. The rounded bottom is effectively the product of a period of consolidation and as such tends to signal that there is likely to be less loose supply hanging around to cause overhead resistance i.e. it has hopefully been mostly mopped up during the consolidation.

One can never be certain about what next but it does look somewhat more positive and so bring on the 4C. The current setup could be a good launching pad if the 4C is perceived as positive.

Weekly COB April 24th