Weeklies showed a downward trend. The dailies were back up at the EMA ready to trend back down to the bottom of the channel ... and held on hoping. Tut Tut .... -7% is the smack in the butt I get. However, we like this share and we are at the bottom of the channel so hoprfully we'll ride back up to 700 where it will be decision time again ...
Lets take a look at the long term graph to see where we are in the bigger picture. Putting my Elliott Wave hat on you could argue we are after an extended 5th and could see a long term reversal back down ~300. This spooks me somewhat. Lets take a look at the dailies ...
As I mentioned before it looks like we may be at a bottom today. However, if it starts dropping again I'm outta here. On the other hand if it starts creeping up we'll see a divergence in the MACD histogram when compared to the price chart which would be an encouraging sign to the LONG side.
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