Tuesday, August 31, 2010

PEC 31-Aug-10 (Comments)

Since breaking out of long term triangle (Orange lines), prices hit 0.89 before back-testing the break-out point of 0.83.
Subsequent rally saw a high of 0.92 before retreating to 0.895 today.
The past 2 days sell down had been on very low volume hence there is little reason to expect the uptrend to discontinue.
The uptrend support turned resistance line (Purple line) seems to be a strong resistance point and break out of the resistance is likely to see 0.98 levels being reached.

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