My original chart was suppose to be just a simple Andrew's Pitchfork but it was not able to capture the hidden beauty of the channel display formations with its resistance and support stuctures. Immediate resistance blockade is formed by upper red dotted channel and upper green dotted channel. Those using Andrew's Pitchfork will see median line resistance around this point. Immediate support is the lower boundary of green dotted channel. Take note that both RSI and stochastics are in overbought region and any pullback will see a retest of the lower orange channel support followed by the lower red dotted channel support and the lower blue channel support. However, if buying power remains strong both RSI and stochastics will continue to stay in the overbought zone just like in late Aug 2009 until early Sep 2009. A breakout above the current blockade will propel price to the upper blue channel resistance boundary and challenge the next resistance at the upper orange channel.
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