Friday, April 23, 2010
ALSI 30 minutes chart
Quick check into what ALSI 30 minutes chart is telling us.
Market broke 26150 – 26750 trading range few days ago, but it did bounce back and ran into it again the next day. Then, on Wednesday market repeated the same pattern of break down and back into range and again the same happened on Thursday, this time with no break into range yet.
As one can see, there are two trend lines to watch: One down slopping and connecting last three tops while the other one is up slopping and connecting three last bottoms.
Currently market is making higher lows and lower highs, making it difficult to see real trend. Current pattern can be classified as triangle.
Watch those two trend lines for further direction.
Trade with trend!