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Message: Broke resistance today

Broke resistance today

posted on Apr 07, 2008 04:37PM

Broke resistance at .95 and then 1.01 today. Resistance for tomorrow is 1.05 and 1.09. It should be an interesting day. Volume was low today. Lots of buying by TD.

MACD is just trailing below the signal line (12,26). RSI is rising and is not oversold.

Closed above its short term moving average. Short term moving average is currently above mid-time, AND above long time moving averages. The relationship between price and moving averages is: bullish in short-term, and bullish in mid-long term.

Closed above the upper band by 18.0%. This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely. Bollinger Bands are 246.2% wider than normal.

The large width of the bands suggest high volatility as compared to normal range. Therefore, the probability of volatility decreasing and prices entering (or remaining in) a trading range has increased for the near-term. The bands have been in this wide range for 19 bars.The probability of prices consolidating into a less volatile trading range increases the longer the bands remain in this wide range.

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