June 8, 2009
Harvey Normal Turning Bullish?
By Planet Wealth
HVN (Harvey Norman) is looking stronger in the weekly chart, with indications the Bulls are back in control.
After breaking free of the down trend channel that has been valid for 12 months, not only was the first Higher Peak (HP) formed but this week’s closing bar was a confirmation of a Higher Trough (HT). This HT was supported by the previous down trend channel, a significant Moving Average (MAV) and a weekly support line.
The daily chart supports what has been discussed above on the weekly chart. In addition the two commonly used MAV’s have now crossed Bullish and the HT has been formed above them both. It is now likely a retest of $2.95 may happen. If this level continues to support the stock, this will be a second HT and a retest of $3.45 is likely.
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Topics: Banking Stocks, bullish signal | No Comments »
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