Thoughts on ML TASo, for ML, things do look like they are showing early signs of flattening out or reversing the bear trend of late. Not to the point just yet when I would be jumping back in, but certainly brighter than things were looking. Today’s graph is posted here…
https://mognjg.bay.livefilestore.com/y1przryFhh2zETqtNc_SCBjnfsgaf0ICCfFC06cyG8lO9h9o3j6UhhB8tskkF6BGffoesNYXBKXitYuweAvZpwvvH-Gfd1rZdSg/ml20100329.JPG
So – what does it show us?
1.The Current Bear Trend - The blue circle shows that even though we had a great day, the prevalent down trend, has not yet been broken. Also, ML is trading below the 50 day MA (red) and the 10 day MA (blue). BEAR
2.RSI – Orange Circle is showing slight uptick in confidence. BULL
3.Volume – is more impressive than recent up days. Yesterday was also a large spike on a down day, which could have indicated the last panic sellers exited, and exhausted the market of sellers. BULL
4.MACD – Pink Circle shows the black line starting to ever so slightly look like it is turning to the flat. The blue bars, show a leading indicator that of a reversal (Look at the history to judge the accuracy of this test). Early sign of BULL
5.Stochastic – Blue circle shows an upturn, which again is positive. BULL
Most signs are starting to show a positive indication, but again, one swallow doesn’t make a summer, as they say where I’m from. So, tomorrow later in the day, If the MACD looks solidly like it is turning and the trend line looks like it is approaching being broken, it may be time to get my feet wet.
Again though, these are only early signs. I would be much happier seeing something like UUU right now. Check out this graph for something that looks ripe for a reversal…
https://mognjg.bay.livefilestore.com/y1p7gFTwruiORy6TZiXzyJue5S_b2KJi0eMiq0w69duK0yoO03zDyv-F7Nd21N-HyVjMMcFt6J2ZkckXmrN9jIPC42tvQKH0Jhw/uuu20100329.JPG
The MACD 2 days ago was looking pretty good for reversing and it has converged in a very good and string way today. Check out the red circles.
Just my opinion – I’d be interested to hear yours.