Absolutely gaps are based on daily closing prices and openings of the next day. Intraday gaps on smaller time frames are meaningless, it's all based around the daily. On the 23/08 the SP closed at .062 so that needs to be tagged to close the gap.
To day we saw the breakout of the minor sideways channel to the negative on 18 mill of volume similar to yesterday. MACD is indicating it has further to fall so bring on the gap close of .062. Two solid closes now below the MEDIAN line and also below the 8ema and a tag of lower bollies today shows that there is very little demand for the stock.
Interesting time for holders, bring on some news eh?
Cheers
May Chart, page-11360
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