Day Trader’s Weekend Aftermarket Lounge 29-31 May 2020, page-55

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ann888

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29/05/20

21:06

Post #: 44929925
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Originally posted by ValueTracker: ↑

As you may already know they are called breakaway gaps and good to see the high volume on the most recent gaps up too.

IMO i would be more worried about it coming down and backtesting the break of 40c resistance you mentioned,
If it broke the close(40c) or low of that high volume bar on the 27th,SP will most likely have a go at filling the gap,

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Originally posted by Jukes__: ↑

Hey Ann,

I had a quick look at the chart on my own broker account and I can see what you are talking about. My experience is that it all depends which direction your trend is heading. In this case you look like you are on a good uptrend which is a good thing. If this trend reverses which it doesn't look like doing then when the stock trends down it will tend to fill the gap on the way down (not always) depends how far away that gap is when the stock reverses.

A good example up a gap being filled is also at the price of 25 - 22.5c when it gapped down on a clear downtrend. If you notice the stock reversed and filled that gap. The gap occurred around (13th March) and filled the gap around (7th - 9th April). I hope that is clear as mud.

Cheers

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thanks for the explanation. That made it clear. If it is uptrend, they most likely tend to fill the gap from upward if there is there or try to reach next resistance level (may be not always true but most likely true with good volume). If it reverses and with good volume, it will fill gap from downward. Correct me if I am wrong.
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Day Trader’s Weekend Aftermarket Lounge 29-31 May 2020, page-55

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Day Trader’s Weekend Aftermarket Lounge 29-31 May 2020, page-55

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