Thursday, June 4, 2009

TNA Challenging Channel Line

TNA resumed upward movement today, again walking the upper Bollinger band. The lower 20-day Bollinger band (blue) continues downward, indicating the upward price move is not exhausted. Volume was higher than yesterday's pause day.

The 60-minute graph shows price moving up, bouncing off the upper channel line. See yesterday's TNA 60min graphic for orienting to the channel lines. It shows the channels that have contained TNA's movements since the March bottom. Today, price went higher, also indicative of a continued bullish trend.

The 3-minute graph shows today' price action up close. Prices ran up to the channel line, bounced off, then returned again at closing. Whether it will gap over this line in the morning, or back off for another run, requires tuning in tomorrow. The closest target calculated in the TNA Targets entry remains 33.47, which can be met by running along the channel line, but to achieve this target in the first Elliott-leg upward, leads one to believe it will cross the channel line and continue walking the Bollinger band.

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