sorry there's a mistake in there. Said Friday it broke the DOWN trend when it broke the UP trend.
To break the DOWN it needs to at least close Monday at 48 putting it back on the UP trend.
This would form the reversal pattern called the Engulfing Candle esp if Volume Monday was equal or more than Friday's 3.4 mil.
Now that article by such an esteemed commentator MIGHT do that but IMO probably won't.
IMO the TAers will be looking at the Gap Theory and "expecting" 43/44.5 gap to be closed, if not as well
41/41.5. The FA'ers new buyers may see Bell Potters 42.5 and the article's one may wait to see if the Uptrend resumes.
Anyhow it is KNOWN that the Half Year results will not issue til 22nd Feb EARLIEST. Phone calls to company, industry calendars have made this known. Half Year results in the last week of Feb.
This is the time line for the event of return to the Uptrend, a return to up Momentum.
Next week or rather this week starting tomorrow should see under 48 consolidation with a possible sp in the lower 40's. Afraid that the Supply from the Selling Institution combined with TA gap theory and Stop Losses by buyers over last 6 weeks makes this most probable.
A "fear" is that O/S markets drop again. A "greed" is that Company releases other good news perhaps more significant than Half Year results next week OR that some other Institution takes up Buying on Market to Substantial 5%+ status is revealed by issuing a Notice.
but as I said I sold Friday with the expectation of buying back in before half yearly release so the way things go in HC I may be considered a Tree Shaking, Down Ramper of the jordan travis ilk.
He may well be BUT I'm NOT
.
(20min delay)