I wouldn't even worry about it, very normal trading IMO.
I would look at trading volumes to get worried, and it's pretty light today. Yesterday was a good indication of when someone/s wants to buy on biggish volume (35m) - it can move quite quickly. And then I get the feeling some entities like to try and suppress the SP rise... like today for example... look at the sell side queue... there's multiple 5m sells... clearly stacking the sell side to give the impression that the buying pressure has eased, hoping to shake out some weaker hands. Reality is (again IMO) that accumulation is continuing... sometimes in large bites like yesterday, but otherwise just the usual daily hoovering with the obvious selling to keep a lid on things. Just my take on the trading games. Case in point is the Top 20... it has just continued to accumulate over this year to date... moving from ~34% to stand at 42% today. That's a pretty strong vote of confidence.
I think it was
@slick who provided some helpful charting. Last chart was early July I recall... be great for a refresher if you don't mind Slick.
You know not long ago NWE was toodling along at 4.1c... that seemed to be strong support, resistance was 4.3c... and then bang it broke thru on volume to then make 4.3c become support level... then we sat for a bit around 4.3c, with 4.6c the resistance... and then bang again, on volume we smashed thru that, so perhaps 4.5-4.6c is now the support level. Resistance is now maybe 4.9c? Slick's last chart below. would appreciate your views again Slick but to me it seems to be a clear bullish trend. Just wait for news re drill rig and/or 2D seismic... volumes will go thru the roof. I reckon 5c+ is not far away.
Cheers
