OK we have had the breather and retracement that we had to have & now is the time to let out some more info to keep the momentum going.
There still appears to be plenty of interest in PSY by someone with deep pockets intent on mopping up whatever sellers will give them.
After the reversal of the down trend and doubling in the share price things appear to have gone pretty much according to expectations as indicated on the charts.
We are now seeing good consolidation in the $0.20 - $0.24 price range.
I think the spike above that area was the big guys loosing control & running ahead of the plan for a short time.
It looks as though they have it all back under control now though.
What I think we will see this week is more of the same with a retesting of the $0.24 - 26 level again early in the week.
I will have my usual each way bet & say that it may retest the $0.20- 205 support again. I believe that is normal in this consolidation phase.
The daily chart is inverted to show a different perspective & looks to me to be ready to continue down (Up) with future resistance levels if it happens at $0.25, $0.28 then $0.315 area.
The weekly chart shows a "dodji" candle, not a doji, almost a spinning top which would be indicating consensus atm.
Weekly support is also $0.20 - $0.205
The weekly volume was significantly smaller (about 60% less) than the previous weeks & is I think more an indication of investors holding their recent purchase while waiting for the big new rather than traders selling out to force the price down.
I believe that most of the volume of the last two weeks is by long term holders.
It looks ready to rock again I think.
It will be an interesting week whatever happens I guess.
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