tech analysis, page-2

IMO,

The price won;t be the reversal indicator to have on your watch.

The share is retesting 3yr old action
- ie, the retesting that is going on in th amarket is searching for support and price is no real help to go by.

Over the last few months the price has cascaded through old price levels that were significant to an uptrend that was occurring at the time

- ie, look at the the price movements and methodical retesting for support
through the period 1 Jan 2009 - 15 March 2009.
This occurred in an uptrend, as did other notable support/resistance hunts such as the various in April, same year.


NOW, we have seen the market test double bottoms and price levels, but it is doing it in a downtrend and for some reason (i haven;t observed a single fundamental on this share yet - i like to be a puritan witht eh charts first, reading second) the market is beating buyers off with a stick!!

This is only becasue the market doesn;t know what will be "the" indicator to go by.

Definitely, for now, the three most useful ones that i have observed today are Momentum, Ultimate Oscillator and RSI
- when observed in unison ONLY, not as single indicators.

I wouldn;t mind keeping an eye on this chart as it sorts itself out.

What i expcet - if the price falls through this most recent low $3 tes - is that the next support line it will retest is at around $2-80.
Now...given that that rough price was hit towards the beginning of an uptrend back in 2008/9, it could also be heralding the reversal.
Considering that the market is basically letting this knife fall until it hits 'some' level, its reasonable to assume that they will notice the $2-80 correlation as it slowly takes hold in traders minds.

Many may not even be looking as far back as 3 yrs for example...


Cheers