Published by: Darren Hawkins | Date: March 16, 2014
The last 3 days have been strong (obviously higher closing prices, but closing near to the highs of the day on above average volume) and breaking the resistance at $43 is a bullish sign. Another key factor is the higher swing lows and highs marked by the arrows – indicating that the bulls are stronger than the bears and a new up trend may be underway.
For shits and giggles let’s put a fake buy order on at $43.66 (just above last week’s high) and a protective stop at $41.85 (below the last swing low), risking about 4% of the trade value if it doesn’t work out. I expect it may come back to test the previous swing high at 42.70 (previous resistance often becomes support) before rising higher again. Watch this space!
Click to enlarge.
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