Resistance Broken!
By Brett Goldstein on Apr 18, 2008
Today was a good day in the market. As you can see from the chart, we finally broke a 4 month resistance. We have been having higher lows as well. This is a great thing today and hopefully we will continue the move up. Congrats to all who got into MELI. Up about 7pts from the post.
This entry was posted on Friday, April 18th, 2008 at 10:51 am and is filed under Annotated Analysis.
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2 Responses to “Resistance Broken!”
By jfp on April 19th, 2008 at 12:54 pm
agree… the RSI is appearing overbought. Bollinger band overlays and %B indicators are looking like we’ve hit a ceiling temporarily. I’m guessing a lot of puts were executed in the money or went worthless on an options expiration week.
I do like the higher lows. The BSC Mar 14 mania must have been an intermediate bottom! Let’s hope banks can work together to make sure other problems aren’t created.
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It was a good day for the market! Not trying to be the party pooper, but our volume on the day was just above average (better than normal, but we are looking for ultra high on a breakout) and that makes me a little scared to think that this is a real breakout. Hopefully we can see the market follow through with even more volume to confirm the breakout!