A channel support is forming gradually (upward sloping line).... this shows strength in this counter as there are higher lows with each passing day even though the market has been rather weak and chopp.. A clear resistance is seen very sharply at 11.50.... you can see that it has tested this 11.50 a total of 5 times and respected it, a critical level to watch for any upside.... currently cap below this level.
Possible to accumulate on dips near channel support line to wait for this breakout above the 11.50 resistance level ! if 11.50 lifts off, will be quick to go to 12.00 psychological level.
Wednesday, October 5, 2011
SIA CHART - Strength despite market weakness for the past month... Accumulate near channel support for long term play....
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