Price finally retook its declining five-day moving average and internals are bullish at the mid-day.  Looking ahead, I’m not convinced there is alot of room above on the daily charts, but I’ll just keep trading what is in front of me rather than hypothecate as yet unproven resistance (short of some selective hedging, that is).  Price rising into Relative Volume peaks is suggestive of short-covering….

Related posts:

  1. An Exercise in Detecting Short Covering
  2. 05.29.08 – Oil: Less Supply = Lower Price?
  3. 04.01.08 – Exlposive Tick
  4. 05.15.09 – Relative Volume Peaks
  5. 07.23.09 – Breakout Trend Day