july pivots, page-34

Pushed down yesterday and found a little more supply than might have been expected, (may have also caught a few stops from buyers in early July, who placed them too close).

This could be testing action or a shakeout, to challenge weak holders.

Just have to wait and see if this supply dries up as it moves lower....

On the downside, slightly increasing volume as it pushes down to and through potential support would be bad.

However, there is a couple of potential supports below, $1.91 is the fib and I have $1.86 as the bottom of the potential support zone.


Also, if this was to follow a typical Wyckoff style accumulation (IF this really is an accumulation), then it will churn up & down while it builds up strength (building a cause), then shakeout and test before the first reaction (higher).

After that a successful secondary test would form a higher low (and this would be the low risk entry point for short term or swing trading), then off to the races.

Still have to wait and see whether this Really is an accumulation phase, it looks like it may be, but it is unconfirmed as yet.

cheers