More important, on long term, is that price did not cross SMA75 on weekly chart and also that EMA20 did not cross EMA40, two events that defined the 2003-2007 bull market. Now we are back in the 1070-1100 trading range.
Let's now have a look at "volume at price" on April26-September1 time frame. 1070 is still the most important level, followed by 1115 and 1090. At 1070 bears were a little bit more in control so we should expect this level to act more as support than resistance. The other two levels were pretty equal, neither bulls nor the bears were in control. On longer time frame 1100 is by far the most important level in terms of volume.
If the "buy" signal is going to be confirmed today it is likely that another mini-rally will follow.
babaro
I've been reading your blog for awhile and it never occurred to me to comment. But now I want to drop you a quick 'thank you'- you have always interesting topics, and very solid information. Thanks!
ReplyDeletefinancial professional
thanks, Kathryn, I am glad you found my blog interesting
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