Volume!? ... did someone say something about volume?
Yup,
Volume interaction with overhead resistance has governed price direction.
Once again, while you all were speculating on announcements, earnings, etc., I was demonstrating how Volume interaction with overhead resistance has governed price direction. Once again, this time is no different. Though the news that broke of a R/S was bad, TA had already forecasted the price outcome.
Now there is a new ice line and it is exerting some real suppressive pressure. Take a look at all the above average buy volume on the heels of the announcement, yet prices are stuck in concrete below the ice. They call that, "big effort, no reward," and it portends a test of the low and likely new lower lows for the PPS.
"Dire Straits" ... The phrase "dire straits" comes from the nautical term "straits," which refers to a narrow passage of water, often associated with dangerous or turbulent conditions. This couldn't be a better description of both the chart and the company's prospects.
AI
