Yes Q,
I, as in myself, confident, but have enough self awareness even as holder to realise that I am not the market, nor, even as a holder do I make bold demands of what a company and its management team, should or should not do in a daily basis.
Yes, as in possible accumulation within the last 3 days on the back of the failed initial breakout attempt. As you can see we have had a down thrust (20/4, 21/4) below the original trading channel and then a spring and up thrust above channel. As sharks has mentioned the failed signal comes from the bar 28/4.
Now, IMO, considering the total range of those 3 bullish days, coupled with the last two days closing inside the wide range bar on 27/4 on rather low volume, this could be veiwed as both a lack of demand to convincingly move higher but can also be veiwed as a reluctance of the Bears to continue the downtrend, or exhaustion of supply. The reason I say this is the current position of trading within that broader downtrend channel is in the upper region and inline with the 15 day EMA. So that position coupled with the low volume inside days gives me some short term confidence.
The 26,12,9 MACD histogram also supports my view that there is still solid strength.
Also, if we look at the weekly chart, you could argue that we have seen a test of last June/Julys support and possibly found a bottom with the first bullish bar of 8 weeks following that test. We will, need to be patient, before confirmation one way or the other.
We also have a 30 week EMA of 24.3, so what we are seeing could simply be the men sorting the boys so to speak. It's really not as dire as you make out...
This is where my confidence comes from.
Also usually if somebody with the credibility of sharks mentions that a breakout has failed (which I agree it did) and there is actually major weakness, then the next day will see blood on volume, which as of yet we haven't.
There will always be churn and volatility especially after an "RTO". And I'm not going even bother talking about the top twenty, as they are most likely the Marvins, who are sitting at home and laughing and purchasing slowly whilst following the 20 week EMA.
Anyways, just my thoughts. LOL.
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