GLD PnF Potential Support/Resistance 112408

(This was originally posted around 11AM, so the SMAs are not reflective of today's move. Secondly, Bullish Percent end of day moved from 51% yesterday to 83% today. This is now in the overbought area. Although Tim may have shorted it perfectly today as it got near resistance, I would be of the mind to wait for it to lose 70 on the Bullish Percent before I shorted. This may be a more conservative approach.

By the way, I am not looking to short GLD.)

 

GLD current price is 80.75

Daily PnF potential support/resistance areas (+ or - .005%)

92.50

88.30

85

82

77.15

73.75

72.75

71.05

66.60

Average True Range Daily: 3.05

Average True Range Hourly: 1.10

Its on a daily PnF sell signal, but has had a 4 box buying reversal. It would need to get above 91.50 to go on a PnF buy signal.

Its on an hourly PnF buy signal, for a 3 box selling reversal it would need to reverse below 78.

 

Gap open overhead: 90.09 to 89.72

Gap open below: 80.45 to 78.85

Gap open below: 74.20 to 75.45

 

SMAs

5 75.64 ascending

10 73.84 ascending

20 73.39 ascending

50 78.73 descending

200 86.24 descending

Showing strength with the current price above the 5,10, 20 and 50SMAs

 

Precious Metals group performance: extremely poor. potential: extremely poor.

GLD performance: poor. GLD potential: average.

SLW is weakest issue in group.

ASA is strongest issue in group.

 

Supply/Demand: demand ascending

Relative Strength: RSI 2 (short term) is overbought

Momentum: Ascending; strong

Money Flow: Increasing. It is being accumulated.

 

Bullish Percent of the 20 stocks I follow is at 53%. Above 70, then losing 70 sometimes marks a reversal.

 

Good luck!

 

fwiw

 

Done