Today has finished as a low closing wide spread HV down bar, that is after making a new fresh little high. The 08Jan actually dipped down lower under the previous week or so of trading. Other than it closing up off its lows on UHV, it only gave a small hint of potential strength. The next day added to the idea that it may be showing some hidden strength but still way too close to those two previous HV days. The action of the 10th basically confirmed strength in 08Jan.
Therefore today, atm, is the complete opposite of the 08Jan, we now need a confirmer. Yesterday gave a warning of potential hidden supply, today closes on butt, if tomorrow or over the next little while act bearish, well we know all for now is not well.
On the other hand, if we see bullish signs, these will confirm that yesterday is acting in an absorption roll and today was just a minor sign of weakness. The market is forever evolving and we roll with what we believe is most dominant, that is until something major comes along. Its not that hard really, much easier and much more accurate than some around here who are often tripping over their loose shoelaces.
LYC Price at posting:
32.0¢ Sentiment: None Disclosure: Held
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