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Sunday, December 16, 2012 1:09:29 PM
Intra day, all these scenarios began to play out! But despite no net change there is an upward bias. The wedge pattern was broken to the upside as resistance at .005 was surpassed on Friday. The wild Tuesday broke the support line, but on Thursday the line held.
The second chart shows that the lower Bollinger band is turning upward as price keeps smacking resistance of the upper bands. OBV and MACD are rising and the Stochastic has corrected from an overbought area. All this supports the notion of an ongoing uptrend. The pickup in volume on Friday is a good sign, albeit the volume needs to increase much more for a convincing upside breakout.
The caveat is that there could still be a final shakeout that breaks the rising support line on a closing basis. But that would signal an extremely bullish reverse head and shoulders pattern.
So we go up, down or sideways. Then what good is the chart. For someone averaging in, the statistically low risk buy points are drawn. The wedge pattern denotes a dramatic move one way or the other as time reaches the apex of the triangle. MACD, etc indicators suggest that the breakout will be to the upside.
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