QLD spent a little time testing new lows today. Watching the 30-min. chart we had a steep trend-line that formed over the past two days (similar to the trend-line broken on Monday).
Looking at the 15-minute chart we could see the new lows on decreasing volume, while the trend-line break took place with stronger volume. The retracement/test of the trend-line after the break out also took place on weakening volume. The lows and close of the previous day were tested and held as support. Notice also the wedge that formed along the trendline.
Take a look at the 5-minute for a little clearer perspective on the "V"-bottom, support/resistance levels and volume trends.
2 comments:
Hey there. I like your posts! I'll add you to my trader list. Check out my blog if you ever want to see any currency activity.
thanks orange!
I've been wanting to get involved with forex, but haven't gotten around to reading the books on my shelf pertaining to them :)
Anyway, thanks for stopping by. I welcome input, insight, and a friendly environment. cheers!
-todd
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