TA discussion, page-1206

Mannvenn.
The TA in the short term is a bit unreliable right now because the sell down isn't driven so much by normal market forces like profit taking or market reaction to bad news etc but seems more about systematic  opportunistic selling with institutional overtones. It is difficult to know just when they are going to call it quits.

There are a couple of charts below, a daily and a weekly.  On the daily it looks like the selloff which started on Monday might be waning, at least in the short term because it seems to be following a pattern of the last 5-6 weeks with selling into any short term rises.

The weekly price action also looks a bit ugly over the past 5-6 weeks also but the long term uptrend is intact.

My best guess is that the selling is probably largely over, already about 26M shares have been sold during the down days and down weeks since the all time high on September 22nd.  This is despite no bad news and good news re the DoD contract which triggered this week's opportunistic selloff.

There was another sharp selling burst late today which suggests that there might still be some supply out there, hard to say until we see what happens on Monday. I topped up yesterday and personally am not concerned about the longer term but can't rule out further short term volatility. The last couple of daily candlesticks suggest a bullish reversal may not be too far off but there is no confirmed reversal signal yet.

Daily


Weekly