weekly chart
showing support of .0113
showing resistance at .0156
The chart shows volume to be flat for the month of July. Which is good for consolidation. The chart also shows mostly sideways action or consolidation without much movement out of the trading range for the month.
Indicators
the fisher transformer is showing buy for the week. the first time this signal has shown since May 24th. looks to be as though a breakout could occur if the chart could close the week out above .01526.
macd is sitting at -1.218 closest this thing has been to positive since before its original runup back in November. very positive.
parabolic sar now showing under the weekly candle. first time this has occurred since roughly January 11th.
There appear to be alot of positive aspects to the chart. I do not put much ground in towards daily charts. WHY? if your long term, you use the long term chart. short term, use short term charts. daily movement is accumulated into 5 days worth.. 1 day out of the 5 isn't as important as the other 4 days. you follow?
my thoughts on the daily chart.. i use trending123.com and use their chart setup. i like it, i feel confident in using it to make some decisions.
ppo,macd,adx look great and show there is some strength to the current upward movement.
now I'm no genius, and even a genius interrupts charts incorrectly, its not a science its an art. but all in all it looks more positive now, than it as for the past several months.
ENJOY your weekends see you back here tomorrow morning.
NOTE: the Fischer transformer is an indicator in the thinkorswim desktop platform. IT IS ALL FREE, and i recommend you download it.
DISCLOSURE:
This is not a recommendation to buy or sell a security and is considered to be opinion at best. Trader is currently long and holding shares.
AI
