Update: Tebrau
Tebrau - A nice rise today on high volume. Is this the signal that it is going to turn bullish? It closed above the 0.55 resistance but it is still within the confines of the descending triangle. A bullish breakout from a descending triangle (abv 0.57) must be accompanied by high volume. If it does then next resistance is 0.65 & the stronger resistance of 0.725. RSI just turned up but MACD still negative & all the MAV are still flat. We need to see more, but I think it is turning positive. Traders can accumulate with cutloss below 0.50.
posted by Dr. Siva @ 2:32 am
4 Comments:
descending triangle is usually a bearish sign.
Hello! I found your blog from another trader's. I wonder if there a chance that we could do a link exchange. Thanks!
Hi swifz...U are absolutely right, tho as it was close to the breakout point a strong high vol breakout would have been positive. This did not happen so descending triangle & bearishness still persists
BursaM, yes we can do a link exchange, I will add U to mine now, Rgds.
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