The New Bull Potato that formed in a very weak manner on Friday continued to develop today although with volatile moves and inconsistent advancement. The price ended up in the Devil's Den (between the 10 & 30) leaving questions as to its strength and longevity. Our experience has been that Potatoes last from 3-5 days on average and sometimes longer. This one leaves us suspicious as to its punch.
The same weakness is seen on this chart as well.
20D, 60m - Bullish move with definite crossover but shallow vector. Internals were strong this AM but faded into weakness in the afternoon. This move is in conflict with what is seen on the Daily chart that follows.
3M, Daily - Bear Potato formation with vector headed down in a decided manner. This chart sets the tone as to longer term expectations and positions should be taken with that in mind.
For these reasons I have not yet posted a Bull on the Blog.