ta observations, page-31

Howdy FP good to see your still kicking :)


""funny how the chartists are scratching their heads at the moment"'

philbar, I'll make it simple for you.

I. The stock is in a longterm downtrend, has been for 2 years, that hasn't changed.

2. The recent run from the low 6's to where we are today has placed the stock in a weekly uptrend a rally,"within" the longterm downtrend.

Todays close has barely kept that trend from reversing. If the stocks closing price next Friday is lower than todays closing price the weekly trend which began in the low 6's will be over and the stock will begin/continue to fall ...the start of a weekly downtrend.

If the stock is able to close higher next Friday the weekly trend that began in the low 6's is still in play. These other guys are having a little trouble because we are trading at an important pivot point atm and the market is still deciding which way to go.

Next weeks close is critical.

We all have different opinions about TA (and work in different timeframes) just like we have different opinions about FA, thats what makes the market.

Keep this post and throw it back at me if you wish, happy to be corrected.



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