FITX: Hourly- Ichimoku – price at reading .0319 I will try to keep this brief. The momentum is in our favor, have a bullish future cloud, we are not too far away from Kijun, price and momentum are above the cloud. Basically this says we are showing strength, and this move is sustainable. Rest of the chart: Price is above the 13 and 21 simple period average, we are still in an uptrend unless we close the period at or below .03, stochastics gave a sell signal at .0315 and now has fallen out of overbought, this rest is needed. Stochastics are trying to give a buy signal, but being in natural ground it can go either way. RSI is overbought and CMF is headed down a little. Basically this is a needed rest before we begin the next leg up. Chart wise this is healthy. Remember hourly is a short term chart, so I just use it to help give me a picture of what is going on. I like daily and weekly due to being long. Daily: Ichimoku – price at reading .0319 Ichimoku on the daily is trying to go positive, momentum has entered price, if we can get over price momentum on a daily basis will be solid. We are sitting right on Kijun- so I do not see a lot of downside from here. We have some bullish indicators to look forward to, 1 is a bullish T-K cross, and 2 a kumo twist. I believe they will come in time and create more buying. Rest of the chart: I still like daily, this is 4 days in a row that I have liked the daily chart. Many non-chartist are saying “duh” we have been moving up. But I like to watch it on a chart, just for confirmation that it is sustainable. So here it goes. We are above both the 13 and 21 day sma, if we can keep this up we can look forward to a golden cross, this is a signal for chartist to jump in. Stochastics are still firmly in neutral territory, with fast over slow, this tells me we still have room to run and we haven’t really signaled a sell yet. RSI is still neutral. Chaikin Money Flow has slowed down, but we are still positive. This is understandable, we need a breather in the short term, and price is up around 100%, so I expect buying to slow for a little bit. The stop and reverse gave a buy signal two days ago, and has remained in an uptrend since, it will take quite a sell off to trigger this into a sell signal. The buys and sells are confusing me right now, we get some movement and then all the sudden an order comes in well under the trading price and stifles the movement, is someone trying to contain this? Weekly: Ichimoku – Price at reading .032 On the surface weekly just looks, well, meh. But I see some things happening. For the weekly we have some serious upside, Price likes to be at Kijun and we are way under it, so look for us to continue up. Momentum has shifted directions, from losing momo, to momo coming back, we need it to get above price and this is conformation that we are changing course long term. We still have a bearish future cloud so if we can continue we have a couple of bullish signals we can hit, one is a bullish t-k crossover, the other is a kumo twist. Rest of the chart: We just gave a buy signal on the weekly, and we are still oversold. On a weekly basis CMF is still negative, but it has reversed directions so we do have money coming in, RSI is neutral so this move is not over done. We still need to hit the PSAR, but this will take some time. Remember it takes longer to change a weekly chart, but once it changes it is a very strong sign. I know some can give two shi…, nvm, about TA, but I like using it to gauge the market sentiment. Please understand things can go from good to bad, bad to good, bad to excellent, excellent to bad, and any variation in-between in the blink of an eye, it is always best to have solid dd that you have verified yourself. Please do not take any thing that I say as investment advice, I do not get paid enough to advise you animals. Last but not least: Support / Resistance levels: Hourly: Support .0327, 0301, 0274 Resistance 0.0343, 0.0359 Daily: Support .032, 0.030, .028, resistance .033, .038 Basically all this says: This move has legs and looks like it will continue.
Posted on: Tue, 18 Nov 2014 15:36:09 +0000
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