Tuesday, July 18, 8:08 am EST. Gotta look in on Monday’s price and volume. The gains, with overnight’s move, is beginning to breathe life and give some hope here… is there anything to it? Let’s see!
Well, again, price gains Monday were quite good, except for PVG, which declined. The candlesticks are mostly not ‘good’ or ‘healthy’ ones. Many are actually not good-looking or showing health. And, the volume was off by a large 34%. Monday was not a ‘get on the train, it’s pulling out of the station’ kind of day! The one candlestick formed by an average of all 16 symbols is itself, a Doji, indicating indecision, which is confirmed by that lack of volume.
Today could be the make or break day however, as we reversed course to the upside, as the indicators had suggested it would, on the 10th. There’s been 5 trading days since, of this new ‘trend,’ but it can’t last long, if no real life comes into it… it’ll get sold off again. So, let’s see what Tuesday will bring!
8:23 am EST. I’m going to add that the price average for all 16 symbols is approaching 3 overhead resistance matters of its own 50-day moving average, it’s 200-day moving average, and it’s downward sloping resistance line which connects the tops of 11/9, 2/8, 4/13 and 6/6. There’s a triple-bottom at 3/9, 5/4 and 7/10, which is support. The formation of these tops and bottoms is called a Bullish Wedge, and if price were to overcome these points of overhead resistance that it is now approaching, would generate a lot of interest among traders and investors; which is just what I am expecting and looking for, at some point.
On the other hand, the points of underlying support need to remain intact, or should price decline through that support, this, too, would likely generate considerable interest, and result in further selling, as many have stop losses at, and just under that price level.