Wednesday, February 17, 2010

ALSI 30 minutes chart

I wanted to do a quick update showing the key resistance level around 24600 – 50% Fibonacci level for the drop from 11th of January to 5th of February.

ALSI spent first half of the day above that level and now it is back bellow, while trying to break above once again.

Downtrend line was broken early yesterday and two possible up channels/trend lines are developing. One is very steep and is currently around 24500, while another one is around 23900.

If ALSI breaks above 24600 next stop will be just shy of 25000.

Trade with trend!