In Retrospect: Mining, WIN, SMPH, BSC

Mining

Mining was very bullish, so bullish that it has already formed a new high. Watch out for a possible side to downward movement soon as RSI is now overbought. It is also possible that the side to downward movement may form a falling wedge, a confirmation of the bullishness.

WIN

The bulls and the bears are in a constant battle for the past week as most of the trading days last week were marked by the same opening and closing price. There is a little bit of upward movement in the price, but it never was able to move above the 65 day MA. There is also another resistance coinciding with the 65 day MA, this was the gap down formed last August which might also be contributing to the slow upward movement of price. On the bright side MACD has now crossed above the center line which is a sign of bullishness. However RSI is now near overbought level. For the days to come, the MACD may retest the center line. To confirm its bullishness, the MACD needs to stay above the center line and volume should be light on down days. The big symmetrical triangle that I earlier pointed out is invalid because the volume on the breakout of the smaller symmetrical triangle has broken the diminishing volume characteristics of a symmetrical triangle.


SMPH

SMPH went as high as 12, but there never was sufficient volume on the breakout. The symmetrical triangle now needs to be redrawn. Watch out for the upcoming resistance at 12.25. There is a possibility that it may form an ascending triangle.

BSC

BSC was unable to move above the 65 and 130 day MA. It went only to as high as 0.39 and moved to as low as 0.34 for the week. The good thing about its downward move was that it was going down with light volume. For the coming days, price may move side to down ward and MACD may try to test the centerline. As of current, BSC is lacking in bullish signals. First it was unable to move above the 2 MA’s, second, RSI went above the 50 level, but was unable to stay above it. In addition, if MACD is unable to move above the center line and subsequently crosses below the signal line, then this definitely is not a good sign.