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  • ajpeterman04 ajpeterman04 Aug 24, 2009 8:06 PM Flag

    40 sma now acting as support and upward-sloping

    check out the chart. last wednesday was our big volume double-bottom, which hopefully signals the end of the 'sell the news' pressure.
    thursday was a confirmation day making a higher high and higher low and we also closed above the 40 sma for the first time since we sold off... however, we did pullback and close below the 20 sma. makes sense, we needed a place to pause since we have to go back and re-test the 40 sma. so friday was the re-test of the 40...we held. today's move up on bigger volume, closing on high of day sets us up nicely to make a move higher and break out or this consolidation.
    notice the rsi is now north of 50...bullish
    macd is turning higher, and will cross the signal line
    we've got the 13 and 20 sma's sitting up at .47 acting as resistance but i think the strength of an upward-sloping 40 will help bust through these averages.
    sitting up above, .52 may act as resistance for a day or two but we should be starting to make a move up to test the downward-sloping resistance line of the symetrical triangle. that sits at .64 as of tomorrow but i think we most likely 'tag' it at .62 sometime next week.
    of course, the other side of the coin is the 20sma acts as resistance and takes us lower, back to the 200 sma which sits at .36 don't think this will happen though.
    hey, anyone notice the 150 cross the 200 the other day? very bullish longer term

    so that's alot of mumbo jumbo, but as far as tomorrow goes...we are looking to test .49 and possibly .52 by wednesday.
    i think we will be saying 'goodbye' to the .40's after this week.

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