TSO - as per your Post #:64123057Hi V -
Here's my chart for this stock, as of COB today, employing where to plot trendlines on short to medium term candle charts, learned 20+ years ago when I
paid $10,700! for a Market Analyser charting package, now supplied? as Bourse Analyser, by Bourse Data, for a monthly subscription.
Note that my 3 downtrend lines - each drawn from their 1st peak - are then drawn
across the peak of the next lower high. The longest of these lines shows it being drawn across the peak of the 1st lower high in late May - and then firstly breached
"falsely",by the
1-day only spike on 31 Aug.
but secondly, now -
after the 3 days to
COB today -
"convincingly" continued the breach which 1st occurred on 06 Oct.
i.e. I have
never ever drawn 1 long-term trendline from a stock's 1st peak
(eg,.on this chart being on 31 March)
to and across the
latest peak, of the
last day that such chart was created - as shown per your post today.
To support this teaching :
If e.g. you'd presented / posted this stock's chart as of COB on 27 Sep. - with a down trendline drawn from 31 Mar. & ending on 27 Sep's peak - for the reason that you saw that prices were steadily & horizontally trending towards breaching that down trendline - then again, tonight, you'd see that trendline now
"convincingly" breached.
"Here endeth the lesson".
And BTW, I never wanted to be a teacher, so hope others have not got lost half-way thru this perhaps-difficult-to-understand dossier.
Rgds, Guata.
