Venture Exchange Updated Charts

John has a couple of interesting charts this morning on the Venture Exchange which show a convergence of important support around current levels…the Index closed down a few points yesterday to 1212, exactly at its 50-day moving average (SMA) which has flattened out and has been providing support since early January…there is also Fibonacci retracement support at 1209 and downsloping wedge support around 2004…so the 1200 area appears likely to hold, especially if the 50-day SMA can reverse to the upside in the coming days…such a reversal helped usher in major rallies in early 2012 and again last summer…

Venture Exchange Chart #2

Below is another Venture (2.5-year weekly) chart that shows how the Index has finally broken above a down trendline in place since 2011, but has yet to gain any traction as a result…the Index has stayed above the down trendline, however, and this former resistance should now become new support…patience, as always, is critical…many conditions are in place for a stronger market to emerge this quarter…

 

Source: http://www.bullmarketrun.com/?p=12897

 

Guy