weekend charting, page-40

  1. 2,829 Posts.
    tess, (PGA)

    not a new chart sorry, same old chart as before with a couple of extra bars on it. I have marked in where it tested and retested the resistance tine. When it does this it is a double top, so it's odds on that it will go and test the only other way it can go. So you can see it has tested and wobbled around the median line a bit. The good news is that it did not gap through. The bad news is that it did not reject the price at ML levels, and is continuing to bang around that area.

    I reckon sooner or later someone will give it a poke, and maybe get it down to the 61.8% retracement ( I drew a blue line there for you ), but then maybe with all this bullishness around, it will get poked the other way up to the 1.84 area where the 28.2% retrace line is. For the moment however, it looks like it will bang round where it is. The RSI and the stoch are down, implying with the bullishness that there are better odds at a small lift.

    good luck
 
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