Wednesday, June 3, 2009

TNA Pause Day

It appears TNA retraced a bit, then recovered near the end of the day. The pattern is a hammer, or Wyckoff spring. Both indicate a higher day tomorrow. Note, too, the volume was down, today, also indicating today's movement was counter-trend.

This shows a 60-minute graph that goes back to the March lows. TNA has obvious been running in a channel until May when it went into correction, but even then, continued following a channel just below and parallel to the previous one. Before today's correction, it was challenging the upper channel line. Note, too, the price has been following a shorter-term trendline from the bottom of the channel to the top.

This 15-minute graph shows both channel lines and the shorter-term trendline. Today's correction carried down to the trendline, then reversed. Note, too, it retraced a Fibonacci 38% exactly before reversing when the retracement is measured from the last dip before the gap up yesterday.

Finally, this 3-minute graph of the last minutes of the day shows the rise off the day's bottom, with higher volume on the recovery, with rising accumulation supporting the price appreciation. It closed at the high of the recovery, indicating a probable move upward tomorrow.

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