Tuesday, April 15, 2014 11:28:46 PM
Gary, as i posted last Sunday, pincher charts can take time to develop. the ppo-adx pincher is the apex of the meeting of two strong negatives, the trend and its momentum. looking at the GBGM chart below it looks to me like it has already climaxed, but hasn't yet completed the turn upward. there are however several positive signs to note.
first off, this stock is coming off of deep oversold conditions. williams and fast and full stochs have all come to (or near) 50, signifying that sellers have been letting up. secondly, the cmf, which shows the pressure on the ask, is solidly green. and lastly the macd is diverging positive, and the a/d and chiosc are showing accumulation as versus distribution/dilution. this is getting ready.
in a pincher chart, what i'd be looking for is the lining up of the rsi's, 2/5/6/14 -- with the 14 clearly over 30 -- and a fast sto heading to 50. right now the rsi6 is lower than the rsi14, and the fast sto shows oversold. ergo, this may need a few more days. it'll also need better volume than what you had today. but that lack of volume may be a positive in that perhaps there are a lot less shares being dumped.
in any case, bottom looks to be relatively in place. first pincher target, btw, is usually the psar.
as always, just my rendering and other chartists may disagree.
best to you and ALL
rich
first off, this stock is coming off of deep oversold conditions. williams and fast and full stochs have all come to (or near) 50, signifying that sellers have been letting up. secondly, the cmf, which shows the pressure on the ask, is solidly green. and lastly the macd is diverging positive, and the a/d and chiosc are showing accumulation as versus distribution/dilution. this is getting ready.
in a pincher chart, what i'd be looking for is the lining up of the rsi's, 2/5/6/14 -- with the 14 clearly over 30 -- and a fast sto heading to 50. right now the rsi6 is lower than the rsi14, and the fast sto shows oversold. ergo, this may need a few more days. it'll also need better volume than what you had today. but that lack of volume may be a positive in that perhaps there are a lot less shares being dumped.
in any case, bottom looks to be relatively in place. first pincher target, btw, is usually the psar.
as always, just my rendering and other chartists may disagree.
best to you and ALL
rich
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