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FSL Trust: Higher volume and testing resistance.

Tuesday, December 14, 2010

Volume expanded today as price action formed a dragonfly doji. This is promising. The MACD has been rising above the signal line, although it is doing so in negative territory. The MFI has formed higher lows which suggest positive demand momentum. The OBV has turned up, suggesting that we are seeing some accumulation activity.


The 100dMA seems to be providing immediate and strong support with the Bollinger bands narrowing. A precursor of a breakout? Perhaps. Immediate resistance is at 44c and, in the event of a breakout, the eventual target is where we find the declining 200dMA, which is currently at 47c. Before that, expect resistance at 45c, the flattening 50dMA, and 46c, gap resistance.

Related post:
FSL Trust: Approaching target.

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