Can I draw or what? This was exactly as I had anticipated. Now the Question is...What's next?
I'm thinking we see a bull pennant form off the side of the 10/15 run, which is the top 1/3 of the three day run, which should trigger another larger move early to mid week next week. Of course there is always the possibility that we go greed red green and Monday she runs, but the technical's need a chance to reset from this weeks run, so I'm thinking this trades in a pennant for 2-3 days. Suddenly this is fighting the 50 EMA, which is a major step above the 50 day SMA.
Since April 2014, about 1.5 years ago, this has never traded above the 50 SMA for more than a single day...until now. Today's close marks the 3rd day in a row closing above the 50 SMA. Not just a penny or two either, but solidly above that indicator. This lends evidence that this chart now has a bottom behind it, and can start trading above the 50. Next on deck would be the 1.60 resistance that shouldn't be to hard to break and then the 100 SMA around the mid 1.70's. Potentially this breaks that on a run into earnings, due the second week of November.
I'm thinking we see a bull pennant form off the side of the 10/15 run, which is the top 1/3 of the three day run, which should trigger another larger move early to mid week next week. Of course there is always the possibility that we go greed red green and Monday she runs, but the technical's need a chance to reset from this weeks run, so I'm thinking this trades in a pennant for 2-3 days. Suddenly this is fighting the 50 EMA, which is a major step above the 50 day SMA.
Since April 2014, about 1.5 years ago, this has never traded above the 50 SMA for more than a single day...until now. Today's close marks the 3rd day in a row closing above the 50 SMA. Not just a penny or two either, but solidly above that indicator. This lends evidence that this chart now has a bottom behind it, and can start trading above the 50. Next on deck would be the 1.60 resistance that shouldn't be to hard to break and then the 100 SMA around the mid 1.70's. Potentially this breaks that on a run into earnings, due the second week of November.