weekend charting 13/14 feb, page-48

Hi everyone,

This is my first contribution to the weekend charting thread. I have learned a great deal from all of the contributors and thank you all for that.

Any feedback or comments will be appreciated.

RIO WEEKLY:

Price is supported by the 41 EMA together with a cross of the 195 EMA by the last of Rob's shorter EMA's, namely the 55 EMA.

Indicators are pointing down but there seems to be a good argument for a turn in the Stochastic on the one hand and a convergence of the MACD histogram on the other hand. The moving averages of the MACD are above the 0 line which favors a bullish sentiment. The 13 Bar Elder Force Index is also about to turn positive.



RIO DAILY:

Price closed above the 41 EMA and managed to recapture the channel which it has followed since April 2008.

The indicators are looking good imo.

Notice the gap between $ 75.55 and $73.93. With price closing on Friday @ $71.94 I reckon that RIO might test the $ 73.93 level and if that resistance is broken it might attempt to close the gap.




Then again I might just be talking nonsense.

Have a great weekend everyone!

Baps