GREY:STACF - Post by User
Comment by
Kruzer70on Mar 26, 2007 4:27pm
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Post# 12491776
RE: Chart TA - Greg
RE: Chart TA - GregHi Greg,
I agree that today was a good day, I'd like to see a strong close at the high of the session (we may have had one but I don't have Real time data at this moment).
I'd also point out that the trendline you drew is about a two month time period which is too short a time period to be very important.
I wouldn't consider this a 'textbook' break out by any stretch of the imagination. IMO, we've just bounced off the bottom of a trading range between about 0.55 and 0.9. In order to have a true 'textbook' breakout we will need to get above 0.90 on strong volume. The days that follow will be important to see if we get follow through on todays action.
I agree with what you posted about resistance becomming support but I think if you look at a one year chart 0.70 is a much more significant level, especially as a support level.
I'm optimistic, but let's see if we can get above the 0.70 level with some conviction. Fundamentally, perhaps HM is going to deliver on his email boast.
GLTA