Price fell to intraday low of 68 cents and traded in a narrow range between 68 to 70 cents. Just before closing it pierced the 70 cents resistance but closed the day at 70 cents. Interesting high volume traded near closing time. The volume distribution chart posted below shows strong selling and buying by the Big Boys. The Big Bears and Big Bulls were wrestling to take control over the higher grounds above 70 cents. Interesting battle expected on Monday trading. Breakout above 70 cents may be capped by 20 EMA resistance line. Monitor 50 EMA and downtrend resistance line. Strong resistance expected at 75 to 73.5 cents resistance zone. Immediate support is 68 cents and failure support will retest next support at 65 cents.
1 comment:
Thank your feedback. ^^
Post a Comment