Thursday, December 31, 2009

Z-Obee Doji Testing Fibonacci Resistance




Doji testing 23.6% Fibonacci Retracement and Upper Bollinger Band at 24.5 cents. Big Boys buying in early morning while retail traders were selling as shown by volume distribution chart. Some retail buying detected after 1030am with no Big Boys participation. Bulls and Bears struggle still continues as indecision is indicated by the doji candlestick formation. A breakout above 24.5 cents will empower the next upthrust to challenge the peak at 28.5 cents. Immediate support is the red channel followed by the light blue resistance turned support zone.

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