lowtrade

[lowtrade]

Here's a gold play I'm watching.

Could go either way. I'm seeing more positive then negative right now. Looking for 10% swing trade if top resistance breaks.

Lots of info in this chart. See if you can understand each patterns + & -'s as it played out. That info will give you an eye on retail phycology and sentiment. during runs and retraces. This will aid in how to understand what may happen next.

I'm liking the 10% channel to break north because ever since the Dec 20th confirmed entry TA still says hold and retail seems to be adding rather then leaving in the support indicators. Past patterns retail took profits on each retrace. This time they aren't. They are holding and accumulating.

You can see this in the conflict of the ScotchRSI & CMK. S RSI says BE OUT but there is still buy pressure in the CMF. Majority is buying when they should be out. Says sentiment positive. Now if the phycology follows volume will increase on resistance break, just as before.
http://stockcharts.com/h-sc/ui?s=EGO&p=D&yr=0&mn=3&dy=0&id=p64697066016

We'll see! LOL