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XForceOne

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23/11/20

18:28

Post #: 49079315
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Originally posted by Darkstone: ↑

Well that didn't go as expected. I assumed it might pop above the wedge a little bit and then collapse down today, but not that it would blow it through the roof. I've got absolutely no idea what happens next. Previous patterns would say it most likely will run up a little, maybe 215, then fall back tomorrow, and then drop for 2 more days but there is at least one pattern where it runs up for another two days which could easily take it over 220. First retrace point would be 185 with a second at 172, Theoretically it should have fallen to the low to mid 160's today or tomorrow but that is looking less likely now, and at this point it is pretty much a toss-up what it will do. There isn't a clear reason for the sudden surge and break-out of the pattern today, other than the fact that it was clearly being defended on the attempted retrace today and pushed up over the last two hours. While ever there is someone big driving it up it could easily keep running, but either shorters and/or traders have sunk a lot of money into the sell side over the last few days without a result, so something has to give somewhere either way. For once I have absolutely no idea what happens next, other than it should retrace a bit. Either way I can't see any downwards action over the next few days being anything but short term.

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You won't be seeing mid 160's anymore, mate. Maybe and only maybe mid 180's. With current spod and LCE prices increasing 1% on average, I doubt it. 160's? Just not gonna happen.

GXY Price at posting: $2.08 Sentiment: Buy Disclosure: Held
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