Thursday, 22 May 2014
Bank of Ireland analysis continued
Bank of Ireland analysis continued (One Year Chart) by KrunchieKilleen on TradingView.com
In this shorter term chart, it is the 50-day Moving Average (coloured light green) that keeps tabs on the uptrend; when the trend moved too far above this, a down-swing was imminent. (The shorter term, 15-day Moving Average, coloured pink, was riding too closely to the graph to be of much assistance except for very-short term trading). However, when the 15-Day line crossed under the 50-day line, the alarm bells should have been ringing. Shortly thereafter, the graph broke through the Support Line (coloured dark green). The current bounce in the share price is not yet sufficient to suggest that a recovery is afoot. We will wait until the graph cuts the 15-day line and then the 15-day line cuts through the 50-day line.