When at the channel crossroads look out for a herd of bulls or a sleuth of bears waiting to stake their claims on this prize hallowed ground. Doji candlestick bar formed on 24th Dec 2009 marked the battle of the bulls and bears that trumpeted the charge of the bulls. The bulls stampede rammed through the 63 cents resistance but was met with a strong bear hug at the red upper channel down trend resistance line on 30th Dec 2009. The stochastics crossover at the oversold region and the RSI rebound from 50% support fueled the price raise with increase volume yesterday. However, the Big Bears took profit today as shown by the volume distribution chart. Immediate support is the lower green channel boundary and the bulls must defend this line to prevent a retest of the doji low at 56.5 cents. Immediate resistance is the upper red channel boundary and a successful bull rampage above this resistance will retest the 64.5 cents resistance and empower a challenge to fill the gap at 68 cents.
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