Exactly.
Yes, I agree with your conclusions on 4.90,4.70 and 4.50 as you picked them out off the stripped down chart posted.
Major ma's often seem to have a magnetic pull to price.
Empty spaces or low volume bars offer less support or resistance.
To me, putting your price targets with mine provides independent corroboration on their importance as price points as they were arrived at using a different metrics set.
Then by watching volume and volume pattern and adding 5day and intraday charts it helps identify where the reversal has best opportunity unless it is a flash crash. With flash crashes one simply does the best they can as they tend to be chart disruptive until a trend manifests itself.
Green Trades.
Basically, it works the same in reverse. Strongest support becomes strongest resistance line. Etc.
Will try to be more price specific tomorrow. Time to sleep as I want to be up early for NUGT action.
Try pulling up NVTR on a chart (6 month daily) with VbP bars and price labels, then note the price action and the bars.
As you look at the blue sky b/o it becomes all about the strength of the stock as the bars are so filled with green (buy volume) that a healthy retrace will come. Since analysts have set $15 as a price target and the volume #'s (vertical bars of data) are still favorable then no need to sell yet, especially when price continues to ride the 4ema with periodic testing of the 8ema and all ma's are still solidly up. Fridays pole top may indicate a pause so close watch to take profits is advised, then if fundamentals are strong one can pick a rebuy point.
