Don't mean to beat you up, but "My "quick glance at the TA's"...Huh?? What sight or software are you using? What indicators? I see no discernable support levels anywhere. RNTK has a complete disrespect for traditional 200 & 50DMAs. Additionally, a trading channel set up since the slide started in March has a definite downward slope, to the tune of about $.50/month.
That said...
Note: average volume slips during periods below 50DMA (wishful reading...). Bbands pushing apart this week, but price following the bottom; expected & OK. ADX/R8 bounced off 20, appears to be stalling; a dip below prior to trend reversal would be better. Just lost CCI8 trend reversal, for sure, closed @ ~ -200; actually sounds lie a meow...good for a trade, but unwanted opposition from a good indicator to other uptrending oscillators. CO still flat. MACD dipping back down; don't like that either. OBV still off slightly, no biggie. RSI & 14,3,3 SO still making higher highs & lows, expect a little dead cat tomorrow should help confirm this trend. Short & medium combos comin' back down to converge; also expected.
And some new one's I know very little about...William's AD still down steady, ok a lagger. Williams %R trending up; good. W/o exception, all volume oscillators heading up; good. Ultimate oscillator heading up; good. TRIX turned up slightly and looking to cross 0 next week; good. All stochastics trending up; good. Pring's KST about to cross back down; confirms suspicion of near term slide, trend looks to be turning up. All price oscillators flat or up slightly. MFI still trending down; odd since RSI seems to be heading up. McClellan's still sliding; ok, laggers. Ease of movement trending up and looking to take out 0. Directional Movement indices all still down, with increasing DI+/- separation. Bostian's still gapping & sliding; similar to ADX, need to watch for closure & rise.
Note: oscillator trends span only back to mid May; very short term. Significant gains still need to be made to eclipse the trend started the end of March. So what does it mean??? Despite the short window I'm watching for reversing oscillator trends, I'll stick by my call of a pending gradual reversal. Should get some compromises or confirmations by week's end. Also see some price weakness in the next 2-3 weeks while some indicators take advantage of the downside room they have to weaken. It'd be great if the news does hit Mid-July as everything should be primed by then. |
