Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.
All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.
Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).
Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.
Romanian Market. This is a section dedicated to Romanian stocks and indices.
Wednesday, January 9, 2013
Tuesday, January 8, 2013
- high volumes at local lows in November ($2.65-$4.65 area)
- exhausting gap down on over 100M volume day
- price is over the 50 day exponential moving average (green) and the crossover volume was high
- low volumes in the last few weeks, in a narrow price range between the 50 EXPMA and 100 EXPMA
- good internal wave structure starting from the most notable previous local highs in February 2012 (according to Elliott Wave analysis - not labeled in the chart in order to make it clear)
- immediate break above the current resistance from $5.50 (probably this week), followed by a quick retest of $5.500 as a support and then resuming move up.
- another week or two in the same price range ($4.50-$5.50) on relatively low volumes (indicating an accumulation) followed by the break above the $5.50 resistance (as a confirmation) and reaching afterwards for the closest target zone.