The elements of the chart are as follows:
This chart is a weekly and as so portrays a larger view of the trend or potential trend and captures the progress of some daily indicators of general accepted use.
The price is overlaid with an array of moving averages that are common with a daily chart .... 13 and a ....40 {the 13 and 40 smooth out into a representation of a 20 day average} now hovering over the....50 and... towards the 200 can be seen.... is the price wedging into an apex on a weekly basis... as well On Balance Volume {OBV} can be seen stepping up in the big picture.
Stochastic is at a low with volume buying bars overshadowing any selling going on...
The final indicator is a Balance of Power overlaid with a 12 26 9 MACD , which has moved above the 0 {trigger} line indicating an upward trend giving support to the Balance of Power...
Recent activity on Level II further supports selling has exhausted... sure looks good!
The same chart in a daily is very provocative.... with support along the rising 200 day average...
In a rising trend the accepted practice is to buy the dip for a low risk entry.... having said that.... this dip opportunity is leaving the station.... the only wild cards would be some expected volatility up to December 22nd due to tax selling and the recent financing where institutional buyers of the financing are selling out older warrants or holdings to participate in a longer forward strike date....
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