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Cabbie

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28/07/19

20:14

Post #: 39730039
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Originally posted by slick: ↑

Dam it, no wind down here for sailing today so kids football instead. All good.

Here’s a fresh look at a chart using basic indicators only. But there’s something in it for everyone.

First point is a favourite of mine - Bollinger bands. Last five days of trading broke outside the bands and I’d expect that to correct itself and it will take a green bar to fix, good for holders and for those wanting to consolidate a position (me) it could be seen as a place to buy.
Surprisingly volume has been fairly average if anything above average during the fall in SP. Funding delays could be the logical reason but what’s ever logical with the ASX. Unfortunately more sellers than buyers doesn’t look that inviting either.
MACD has been a big concern of mine, it’s current direction tells everyone there’s still a bit of opportunity to build a position if wanted or stay away for a bit longer, really need that to turn before anyone can confirm that this is a buy.
SP going up, there seems to be resistance all the way, need to break .30. But in reverse, if it falls through .27 then look out below.

As usual, an interesting week ahead.

Cheers

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Thanks for your chart @slick - one of the first things I look for when using indicators is that old and loved favourite - the RSI. It has been a mainstay for many years and continues to be so. The RSI is fairly useless when a share just drifts in a trading mode but really comes to the fore when a sp trends, as WKT is now. I can never understand any chartist with even a little knowledge attaching any importance to a crossing of the RSI at 50.

You have not done that - you actually reminded me to look at this "close to oversold" RSI where it really counts. It's only a very small bullish divergence but it's there nonetheless - could be wiped out or reinforced in days to come, as you say, an interesting week.

I always like the 200 period ema as well - it does give some support and resistance levels, sometime with uncanny accuracy.

WKT Price at posting: 28.0¢ Sentiment: Hold Disclosure: Not Held
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