Hi Folks
Yesterday I posted a chart on a PLS thread but accidently not on this chart thread.
In that post I said
"We have seen a bounce from the low 3.86 so far up to 4.25 which is around a 23.6% bounce from the downward A-wave 5.41 to 3.86.I was expecting a bigger bounce maybe to 31% of even 38%. Shareholders will be getting div's soon so maybe a break higher than 4.25 is still ahead."
Well today we got to 4.31. Looks like the div's buying is having some impact. That's reasonably close to the 31% FIB (4.34).
Around $4.34 seems to attract attention so maybe a chance tomorrow however it is Friday. Friday buying leaves exposer to the US markets over the weekend. So maybe not.
Monday the 18th started the last 4 day in a row 10am attack sequence that bought the SP down 50c. I will be looking at tomorrow's 10am candle, but more so Mondays 10am candle for a possible restart of this action.
Why? In the previous two downcycles 4-5 day bounces a fairly common. I could find no examples of bounces lasting 6 days or more if the downcycle continues. The only examples of a greater than 6 day bounces are off the bottom of the cycle. With the Dow and NDX falling for a number of days in a row and October still to play out, I suspect the odds of this being the bottom of the downcycle to be remote.
We shall see?
Just my opinion. DYOR.
cheers Lies
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Last
$2.87 |
Change
-0.020(0.69%) |
Mkt cap ! $8.638B |
Open | High | Low | Value | Volume |
$2.79 | $2.92 | $2.78 | $84.74M | 29.64M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 173645 | $2.87 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.88 | 30000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 173645 | 2.870 |
7 | 358196 | 2.860 |
11 | 1578007 | 2.850 |
10 | 74709 | 2.840 |
8 | 130803 | 2.830 |
Price($) | Vol. | No. |
---|---|---|
2.880 | 30000 | 1 |
2.890 | 96111 | 9 |
2.900 | 562025 | 19 |
2.910 | 160497 | 9 |
2.920 | 370274 | 12 |
Last trade - 16.10pm 25/07/2024 (20 minute delay) ? |
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