VCP pattern. breakout of important resistance(purple line) of Mar 2008 support which it retested once more in Jul 2008
good volume in this month
As it kept retesting 0.5 fib level (75.65) many times which was near the purple resistance which it has breached it after 4 years during this period it retested it many times and now successfully broken it, also it breached 0.38 fib (91), but it is coming to crucial zone marked with rectangle box. then resistance of 0.618 fib level( 103.9) on reverse fib. then resistance of red trendline. Also it should retest the purple line before moving for upward journey. look at the dashed line it is a low(100.60) of last HL it made in last bull rally which is coinciding in rectangle box. then psychological of 100.today it made a high of 97.80 with strong bullish candle with good volume. there are chances that it will try to enter rect box. so i am expecting to reverse from nearby 100 (+3). then retest the pruple support and move toward upward journey.
good volume in this month
As it kept retesting 0.5 fib level (75.65) many times which was near the purple resistance which it has breached it after 4 years during this period it retested it many times and now successfully broken it, also it breached 0.38 fib (91), but it is coming to crucial zone marked with rectangle box. then resistance of 0.618 fib level( 103.9) on reverse fib. then resistance of red trendline. Also it should retest the purple line before moving for upward journey. look at the dashed line it is a low(100.60) of last HL it made in last bull rally which is coinciding in rectangle box. then psychological of 100.today it made a high of 97.80 with strong bullish candle with good volume. there are chances that it will try to enter rect box. so i am expecting to reverse from nearby 100 (+3). then retest the pruple support and move toward upward journey.