Monday, August 15, 2011
This market is playing by the book fibonacci thus far as the move from its breakout lows of $17.78 and top near $50 came right down to this fibonacci line seen on the screen. Since that point it found resistance at the first level from the $50 highs and the lows it just created and therefore came back to the previous support level and that mark held. Then after it broke through the $38.11 area it topped at $42.25 which was the second fibonacci mark which then followed a move back to $38.11. The next target past $42.25 is the $50 high and it looks like it will at least test the $42.00 mark soon as it is showing great strength. The breakout from this fifty moving average is phenomenal after it was support for quite some time. This fifty day average is front weighted but the regular fifty day average doesn't look that much differently.