Re: George Zapata Blake
in response to
by
posted on
Dec 31, 2009 03:52PM
Edit this title from the Fast Facts Section
Al..there is actually several lines that can be drawn...visualize a fan of segments...the first was taken out by the second white candle or the prev. weekly candle....the second by the current candle....which is now up against the top of the second fan line that is give or take in the current price area.......move thu that and it should work it's way thru to test 42 eventually or prev highs res....the bottom of this second fan will now provide support.......but it also may have to work at getting there and could trade in this 2nd fan in a range of approx 37.50 to 39.50-40 or todays high finish if it doesn't break thru.....the higher targets would be formed by the prev. res areas which of course still are res. until taken out. The hh target will be automatic if a channel continues to be formed by drawing a line accross the tops....so a likely target if a channel is to be followed is 43. If it gets a true blue breakout form this sideways consolidation then after 43...45 and so on. At this point I see it next week maybe reaching up and testing 40 and then testing the low of the fan and then in another weekly session following moving to test the res again......if it does this then it may continue churning and testing the res. until it breaks thru It will become clearer next week or so......if...if it fails the a retest of 35ish or lower is possible. If it moves down then the prev fan basically becomes supp./res.until broken. Overall it is in a nice long cons. and the moves up eventualy should have nice healthy targets..there are gaps at 37 and 38.25. These cons. are hard to call because they continue sideways until a breakup or down occurs.You can get many different reads on diff. setups that may or may not be forming, which usually slants towards the more cons. mode..... Poss. it may need to close the higher gap.....the weekly macd looks about to give a buy signal so keep an eye on that....anyhow sure looks over next weekly sessions ahead to continue to test the numerous prev. weekly highs and it would be nice to see highs matched or hh made on these retests.......one thing on the weekly this last previous big run made a hh and a hl so that is a good sign. Another notable is it also looks to be forming a triangle on the weekly so then it would or could trade within that tri. untiil a break up or down out of the tri.....if this is the case then more cons is coming for sure.....or at least is most likely because the apex of the tri is some distance away yet. On the weekly it looks like a sec. tri forming almost creating a step up from the first.....what has to be noted...looking accross a span of time on the weekly....this rec. runup had finally taken out res. at 40 and ran to 41.92....but.....now has retested the breakout area and failed with a low around 35.22, reversed and now testing old res. turned support, turned back to res. with failed test...get it.....res/support/res....so lots of res. now in this area which may point to continued cons. until it if finally taken out and will then offer up some nice targets. Volume is low in comparison with average......so may be abit yet unless something ignites it to move back thru res