Dare I call a rally off the bottom of box 6 tomorrow?
OK what the hell, that's what I will predict for the rest of the week then, maybe even a weekly close back up to $0.115 - 12.
Why?
The base line target of $0.10 was breached early in the day but a reasonably solid looking close back in the box at the previous low of $0.105 I hope has signaled the bottom for the moment.
The volume was not as much as yesterdays when the initial target of $0.10 was reached.
I actually thought it may have bounced today on the open or even held above the bottom all day but those hopes were dashed pretty early.
Never mind, I suppose there is no point in being disappointed when a target is reached or there would be no point to having one to start with.
I put the selling below $0.10 down to someone trying to frighten traders who bought the last few days. I could even say it was T+3 traders Friday. I imagine that any long term holders who havnt sold will continue to hold regardless. Whatever the reason, it has closed back in the box so now we wait & see what happens next.
A nice looking spinning top candle formed, these can indicate a reversal after a downturn or visa versa a fall after a rally.
If everything we have been told by the company is still good then this should be a good time to buy in I guess..
If the market believes otherwise then look out below. I will keep believing until told otherwise
Hang in there.
Trend reversal, page-67
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