Quote:
Originally Posted by Weirdharold
Been having my eye on that one since around Christmas GreenCat. I would like to ask you a question.... You know how inexperienced I am at reading charts, and am asking to learn.... I notice lately the RSI is about to reach 70 while the MFI is beginning to show money leaving the stock... although the PPS is growing.... Now my question... do you think volume is what is needed here or should I expect it to have a pull back .. thus reseting the chart before we should expect the volume this stock so needs?
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RSI nearing 70 presents a breakout possibility. MFI is nothing more than a volume indicator to me-many will disagree with that statement-
What we are essentially dealing with now on this stock is resistance. It is sitting on resistance right now with a nice looking possibilty to break it. But this is why you see a lot of my post stating it needs volume. The one element needed to break resistance is buying pressure volume.
Now if we do get a pullback I want to see a small one to support at .02 on low volume. What I really want it to do is ride the 5 and 10 MA amd maintain the trendline.
I think we have a pretty good shot at it doing it but tomorrow or the next day we should find out..