What a day.... started so bullish but got sold out. A shame....
Tomorrow is Friday, keep that in mind... Now for the chart, I believe that we have a Bearish Counterattack Line Candlestick pattern here. Luckly, we did not finish at 4.7c - 4.9c.... cause it would be considered even more reversal and more bearish usually called "dark cloud cover pattern".
Well, we could still go sideways that it would be more than welcome.... and maybe a rise would surprise all of us. But, I do think we might have a down day tomorrow.... so holding up at 4.8c and then 4.5c are critical.
5 cents is a hard point to break being a "round number" and there are many target sales around that area. I would be great to get finally some publicity on the papers....it can do wonders....
I also think "services" might keep that 5 cents afloat..... to preserve the look of the trend and the company developments.
We all know that from PRO- traders in banks, fin instos to small traders we all use charts and know the potential of damaging a trade when sells takes over the day...
Something really erratic went on from late morning onwards..... two groups were competing for sales and they have broke the code of trading and ended up screwing big time and sell down has eventuated followed by normal panic sells.... this is unacceptable and should be look closely by ASIC...
Lately, in the last couple of days, ASX has been losing control of tradings and calling for a Response to ASX Price & Volume Query... just to get "brushed off" with simple explanations....
Do you remember the ban on short-selling by ASIC on all stocks from Sept 2008 to November that year? Things were getting out of control.... and I believe they have never got back in control again....
Anyway, i'm here to post the chart and that's what I see.... it's unfortunately bearish but, does not mean it will go down that way.... I hope we do keep our heads screwed(talking about some of the ALGOS) and preserve the 5 cents level that is very important and a reflect of how the company is progressing....
I want to see articles on the papers about XPED and TELINK deal.... and explanatory for the men on the street about this new revolution that is IOT's.....
See how we will go tomorrow..... i would love to add more to the core but, only if trade signals do align in..... if more of the "show" we had this arvo, i will be on the sidelines...
cheers
T10
(20min delay)