I think we have some Resistance showing…
The 50MA crossed the 100MA the first of the week; the 50 is now at .0045, the 100 at .0044. The top Bollinger Band is at .0047. This morning before the open the Parabolic SAR was at .0047 and reversed – ding! That should tell us something – at the open to .0031… which just happens to be the price of the lower Bolli. We just Closed at .0043 and hugging the Weekly trend line.
Pretty tough Resistance in the .0045 area, huh? Whatever you say Mackey, but what about Support?
In answer to that, and hypothetically speaking, should we Close next Friday at .0034 that would give us a third touch establishing a trend line on the Weekly chart, but daily Closings relative to its trend line have a say – a big say. However, if daily closings continue their tight range and weekly Support prevails, we could be looking at symmetrical triangles for both charts shaping up for even a more narrowing of the trading range in the days to come. Needless to say, a trend line of Support is lacking whereas a trend line of Resistance has clearly made itself present.
Pricing in my opinion is tightening up and to the extent that trading sentiment seems to understand its limitations and is anticipating news – any news, both received and perceived. A breakout to next levels, either way, depending on the news, or lack thereof, may be in the not-too-distant offing.
That said. I offer the above for your information only and in no way do I wish to influence your trading of TDCP. But good luck. And as Rob would say “Cheers!”
See ya Monday.
