Tom,
In order to spot a trend reversal, the most obvious signal is significant penetration of the support level. In TA, past resistance (last $17.60) becomes support, so in this case it is $17.60. There may be upper support levels, and the one that is easy to pick out is $23 (there may be more, but I don't know what they are). If you look at the indicator Volume by Price, you will see that by far the strongest is $23, which also happens to be the 66% retracement level.
Based on the amount of volume that occurred at $23, it becomes a very important support level. Also, the trading at $23 is very recent, so it is an even more potent support level.
Since we have not closed below the first support level that I can see, nor have we seen any intraday significant penetrations of $23, I don't recognize any early signals for a trend reversal.
Denise. |
