The OBV did confirm the May high but then broke both its weighted moving average and its uptrend (line b) in July.

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Let's look at the results from Jan. 1, 1995, to June 30, 2006, of buying a stock that made a 10-day high (above its 200-day moving average) and exiting when it closes below its five-day moving average, versus buying a stock that made a 10-day low (also above its 200-day moving average) and exiting when it closes above its five-day moving average.

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The weekly OBV confirmed the recent high but has dropped back below its weighted moving average.

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So a lower high was created by the resistance at the moving average, but not a lower low on the pullback.

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Currently trading close to its 52-week high, the ever-increasing gap between the unit price and that of the moving average lines indicates more bullishness.

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The weekly on-balance volume (OBV) made its high in February but formed a lower high in May (point 2), just barely making it above its flat weighted moving average (WMA).

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