The last time I had a detailed blog post on SoundGlobal was almost a month ago on 7 December. At that time, I said that the declining 100wMA would provide resistance at about 60c.

Daily chart.

Resistance was taken out decisively today as volume expanded. However, a long upper wick was formed on the white candle with price closing the session at 61.5c, a strong resistance which was tested many times in July/August 2012. It could not be taken out then. Could it give in this time? Ah, it is always hard to say for sure but the momentum oscillators are definitely looking more bullish this time. There was a lower high on the MACD back then which hinted at a weakening positive momentum. For sure, we can use TA to see where the resistance levels are likely to be if 61.5c should be taken out in future sessions. ......