Re: Why the pull back???
in response to
by
posted on
Sep 17, 2012 10:54AM
As I have mentioned before, there are two market forces at play, so we can expect allot of jockeying around for control of the chart
The shorts are in deep with their short sale postions, they don't want to see the last "Golden Cross" event occur on the Silverado chart, because they know that the whole trading dynamics will change for the better, which will make their job much tougher, and the fact that they don't want to feel the pain of a major short squeeze, so expect a fight!!
I believe it was last Thur, the 'Relative Strength Indicator' (RSI) did reach the over bought territory of something like 72.27? So the stock is in a Fibonacci Retracement before moving higher, as of this morning, in early trading, the (RSI) has pulled back to 58.64, well below the 70-90 over bought territory
With todays trading the 50 (DMA) is just barely starting to edge above the 200 (DMA), not enough of a move to push it to the next price level above the 200 (DMA) , but if the price can hold in this consolidation phase and move higher this week, it appears that the Silverado chart could be turned right side up very soon?