w/c 20th Feb 2012
Another subdued pip range on Friday (67% of 20 day atr) and a subdued pip range on the week (74% of 20 week atr.) Friday's Daily candle closed bullishly and the Weekly candle as a bullish hammer type candle ?
The Weekly t/f remains in an overall price action (opa) range making a H @ 5927 so far above the last LH, the recent such range really extending from 6165-5243.
The Daily t/f has seen a HH at 5927 and since then has printed a L below it's last HL, that L coming at a previous Daily swing hi zone (previous resistance and around the 38.2% of the recent 5243-5917 move up.) Despite this L this t/f looks somewhat bullish although noot in a classic opa uptrend yet.
The 4hr has seen 2 x HL's and a HH printed, and price closed on Friday just off that HH. This t/f is in an opa uptrend.
Price High last week 5861 was at the 76.4% of the recent 5927-5243 Daily swing down with Friday's pullback lo off that 5861 Hi being at the 85.4% fib of the 5788-said 5861 move up (1hr swing - Friday's move up)
Price closed on the 1hr chart shown at 5822. This t/f remains in a general uptrend with some consolidation of Friday's/last week's 5861 Hi.
Immediately above current price is as follows: (Monday's Daily and next Week's Weekly pivots are calculated.)
5840-43 prev minor 1hr sw hi zone
[ 5845-48 prev minor 1hr sw hi zone
[ 5846-54-61 prev minor 4hr/1hr sw hi zone incl 5859 = Daily R1 @/around, and 5860 = 76.4% 5927-5643
[ 5855 area descending 4hr t/line on 1st new 4hr candle of the week
5870-84 prev 4hr/1hr sw hi zone
5885-5905 2 x daily t/f descending trend lines coming thru on Monday's Daily candle incl 5886 85.4% 5927-5643, and 5896 = Daily R2 @/around
5906-16-27 prev 4hr/1hr sw hi zone incl 5907 = Weekly R1 @/around, and 5924 = 50% 6617-5234
5946 76.4% 6165-5234
5961 Monthly R1 @/around
5966 85.4% 6091-5234
5969 Daily R3 @/around
5986/89 2 x fibs incl 50% 6746-5234
5993 Weekly R2 @/around
5999 85.4% 6130-5234
6030 85.4% 6165-5234
6042 Daily R4 @/around
6073-92 incl 6087 = 61.8% 6617-5234
6103-15-30 prev Dly/4hr sw hi zone
6136-65 prev Wkly/Dly sw hi zone incl 6158 = Monthly R2 @/around and 6163 = 76.4% 6454-5234
6167 61.8% 6746-5234
To the immediate downside per the current near-term 1hr chart below (Monday's Daily and Next Week's Weekly pivots not shown.)
G/L