why did it move today? I don't see any special news? I'm looking at a daily chart, previous few intraday charts. can any of you share what you see that I don't see
Whatâs not to see? Price broke above the mid January resistance. Some shorts were probably still hiding there and used covered buys. Then others jumped in on the buying and drove the price up. This happens all the time. But will it hold up? Who knows? That you will have to figure out.
I like tif, thanks for the tip, but I think its over-priced on a technical analysis stand point. TIF weekly. From looking at the chart, it seems when price hits resistance, it tends to sell off pretty hard and fast. Next resistance point I see is 50.00. Now if you wanted to short this bull rally, then go ahead, and put a stop at say 51, but I'd wait for weakness first. A pullback to more reasonable prices could take some time. KON
Now my cold has cleared up in my nose, so I will add some. Some other reasons for the breakout is price has almost slid sideways in March on low volume. This often precipitates volatile moves in either direction. Then there is Tiffany. The perception is zero interest rates help out firms who sell luxury goods like Tiffany (see the recent WS journal article). So the fed meeting results probably fanned the fire.
Great Analysis, I love the weekly charts. I also agree with your assessment. A simple look at the fibs shows TIF has almost retraced to the 78.6% level of the Oct 07 to Apr 09 Move. In that move the May 08 resistance was very solid. I will put TIF in on my short watch list. Thanks.