Indicators are bullish. The RSI indicator has just rebounded strongly from the 50% mark and the MACD indicator is now on the verge of staging a bullish crossover. Coupled with a breakout from the Bollinger Band squeeze yesterday, these signals suggest further upside momentum ahead.
Initial resistance at $1.85. We peg the immediate resistance at $1.85 (gap formed in Oct‘09), ahead of the $1.92 (peak in Sep’09 and gap formed in Aug’09).
Immediate support at $1.74. Below the immediate support of $1.74, we peg the subsequent support at $1.65 (key resistanceturned- support), followed by $1.58 (resistance-turned-support and 9-month uptrend line).
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