A lot of info was gathered from the weekly charts on this one.
1. The mountain top highs throughout all of 2011.
There were a lot of them and they were pretty close to each other. I used the last one because it seemed to hold up in multiple areas as both resistance and support.
2. The more recent but still long-term upward trending support line.
Nice and steady.
3. A large gap which is the shaded area.
The range of this gap was HUGE 17.76 to 23.94
This is the potential of the next move.
FILL THAT GAP!!!
4. Resistance at 17.43
I believe that it will move towards 18.88 if it closes over this line.
5. Stoch was showing oversold last week around the same time as the bullish hammer.
It has since been trending up.
A great entry point would be closer to the bottom of the hammer around 16.45.
We may not get that chance so weigh out your own risk.
Maybe good for 2 entry points to spread the risk.
HAPPY TRADING!
1. The mountain top highs throughout all of 2011.
There were a lot of them and they were pretty close to each other. I used the last one because it seemed to hold up in multiple areas as both resistance and support.
2. The more recent but still long-term upward trending support line.
Nice and steady.
3. A large gap which is the shaded area.
The range of this gap was HUGE 17.76 to 23.94
This is the potential of the next move.
FILL THAT GAP!!!
4. Resistance at 17.43
I believe that it will move towards 18.88 if it closes over this line.
5. Stoch was showing oversold last week around the same time as the bullish hammer.
It has since been trending up.
A great entry point would be closer to the bottom of the hammer around 16.45.
We may not get that chance so weigh out your own risk.
Maybe good for 2 entry points to spread the risk.
HAPPY TRADING!