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Raffles Education: 200dMA resistance again.

Monday, January 17, 2011

A white spinning top formed today as volume expanded. Price closed at 30c, resisted by the declining 200dMA, after touching a high of 30.5c. 200dMA is still a formidable resistance.

The MFI and RSI are still in overbought territory while the OBV rose further. Momentum is still positive as suggested by the rising MACD in positive territory. With the MFI and RSI overbought, a pull back could take place soon. In such an instance, expect immediate support at 28.5c followed by 27.5c.

However, if volume should expand as the bulls try to push price higher, resistance provided by the 200dMA could be overcome and, in time, we could see price retest the high of 34c achieved in July last year.

Related post:
Raffles Education: Resistance at 200dMA. 


Market Strategist said...

My friend just asked me about Raffles Education today. I should ask him to read your website.

AK71 said...

Hi Market Strategist,

Wishing your friend good luck. :)

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