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melastcracker

2,080 Posts.

05/10/17

22:08

Post #: 27697065
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Originally posted by ARMCH ↑

Out all day so just looking at the outcome - narrow range candle on 2nd day of above average volume. I have widened the RSI7 thresold from 70/30 to 80/20 thus heading to the more extreme end of the short term oversold condition. Usually points to a bounce not too far away as can be seen with the 2 previous occurrences on the daily. Traders will pick it up in scans overnight.

A couple of dumps, one at 100K at 10:01 early and the next best at 93K at 13:29 - not as aggressive as yesterday. The selling could be running out of puff, we shall see. The Chi-x turnover was around 45% of the ASX turnover today, this is most unusual. Chi-x comparative volume rarely goes above about 10 or 15% of ASX and often as low as 5% or so - must be telling us something , not sure what though. A lot of the professional and bot action often channels through Chi-x.

(note using ASX data - difference in OHLC with Chi-x closing at 39.75 cents not 39.5 as per ASX - no SPCA on Chi-x)

Daily COB October 5th
View attachment 760017

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"I have widened the RSI7 thresold from 70/30 to 80/20 thus heading to the more extreme end of the short term oversold condition. Usually points to a bounce not too far away as can be seen with the 2 previous occurrences on the daily."

Thanks for that Armch, it certainly looks well oversold to me as well.

Cheers.

AJX Price at posting: 39.5¢ Sentiment: Buy Disclosure: Held
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