Tuesday, November 06, 2007

Qs Break 54.40

It took some doing but the Qs did manage to break the 54.40 mid term resistance level (R1) in the last 1/2 hour. In doing so, the Qs avoided a second consecutive close below the LR30 lower channel (mentioned yesterday), which would have been highly indicative of a trend failure. Although the TICK was giving few outright buy signals, the histogram did display the overall bullish bias that was developing. More informative was the NYAD, which began an up slope at 12:00 that carried through to the end of the day. Again, the last 1/2 hour showed the biggest momentum, and whether that was real buying or merely short covering remains to be seen.
I've added the StockCharts daily of the Qs, just to show the larger perspective. Based on this chart the Qs are essentially mid range with considerably upside potential.
For a slightly different point of view, Cucca also has some revealing charts on prospects for the Qs that are worth a close look.

No comments: