Monday, June 29, 2015 4:27:09 PM
This is a fairly common chart for price action. The news rally took TPIV to test resistance at 1.65. It closed below this line, consolidated the next day after testing most of the range of the good news day.
A three day decline brought TPIV back to test the two break-out levels. Not the strongest price action in a bullish chart (obviously), but a common one.
We see the wick break-out level of .96 was tested and exceeded. Interestingly the closing price break-out level of .90 was tested, and TPIV closed right at this price. Often closing prices are more meaningful, such as in this case.
The low of the consolidation range from the last rally leg is at .70, and was nearly tested.
Chart perspective, remains in bullish rally mode. While the last rally leg has retraced almost 100%, it is not a failed rally until several closes back in the prior consolidation range.
I find the chart more descriptive of past action than predictive. I know many consider them predictive of future action. In my view, almost anything could have happened, but what we see is what actually happened.
(TPIV Daily, click to enlarge)
The stock market is simply the transfer of wealth from the impatient to the patient. - Warren Buffet
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