Tuesday, October 08, 2013

AGRO - Some Charts 10/08/13

 AGRO - I like the chart. Here's some analysis.



AGRO Weekly - Here you can see that we're right under a zone of resistance from $7.65-$8.00




AGRO Daily - We can see the resistance zone here as well as a nice triangle forming within the last month - right under it.




AGRO Hourly - A closer look at the triangle.




AGRO 10 Min - A note of a pattern I saw today. The triangle that formed over the last couple days had a nice start with a high volume test of the 7.50 support by a couple candles with lower wicks. You can see the above average volume for the day today as it made a run for the area of supply.





AGRO 5 Min - Take note of the volume pop as it broke the short term triangle. It proceeded right to the bottom of the long term resistance zone and then bounced back. On the 5 Min chart, the last candle of the day was a reversal candle with good volume pretty close to support (old resistance).

A break of the $7.65 area would be the big break on the way to $8.00. Short term support is $7.58. Tomorrow, the rising short term trendline should intersect this support. A break down of this could send it to $7.50. After that, $7.43ish.

No comments:

Post a Comment