I know no one likes charts as much as I do, but this is an open forum so here's another one !
Now there is a reason for this chart (it's not because I've got too much time on my hands, that might be true, but it's not the reason)...the reason for this chart is because I'm predicting/guessing, no expecting a bounce back tomorrow...You might be thinking, How do you figure that DC, we've been hammered the last few days and this will surely continue...Well I'm putting my neck out and saying that tomorrow will be the first day of the rebound...I might be proved to be an idiot, a crazy fool or a charting legend...you take your pick
Ok my reasons...These involve the Stochastic and the Bollinger Bands...My newly found super weapon of signalling a rebound is when the Stochastic crosses upward through the 9 WMA...the next day after this happens every stock moves up, but the crossover must occur below the 20 signal line...This happened today (green arrow), so going on this theory tomorrow we will see a rebound...An important change in the BB also occured today and that is a dip in the top band (green arrow)...While both bands are moving apart, price falls, but when bands move in a simlar direction price trend changes...the last 2 big red candles have also riden the lower band ready to bounce off and todays lower tail pieced the band...OBV has fanned out the the downside, ready to reverse and MACD could easily cross upward tomorrow
So my reasons are not life changing, but none the less I've convinced myself that a reversal in this downtrend is just about to happen...
It might also have something to do with the fact that the amount of money I've lost in the last 2 days has almost made me crazy...so this rebound might not actually occur at all, which will reinforce the fact that yes, I have lost the plot :)
MAE Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
