At this stage the weekly chart pattern has broken down.
The daily shows the sp sitting on the base of box 7 & the downtrend appears to still have another day left in it to meet up with the base of the trend channel. That looks to be around $0.16.
I guess if it gets there it will probably just keep going to fill the gap at $0.155 - 16.
The divergence indicator looks to be trying to level off so perhaps we are nearly at the bottom.
The sp may pause here & possibly have a look at $0.175 but realistically the trend is very much down & there does not appear to be any reason for that to change.
I think we are at the perfect point of balance were the big traders could start a rally to continue their normal routine (start a run, suck in some new blood then sell it down for some easy dollars)
I don't think it would be a good sign if the sp trades around the current level for more than a day or two. If the box is to hold then I would like to see a decent rally taking us back up to the centre area of the box before the end of this week otherwise next week will get ugly.
Come on management give us an update on the chips at least.
PSY Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
