Here's a chart from another stock displaying how it works.
As you can, when the lower bollie reversed to head north, the SP never goes above the price at the point of reversal. It has now reset into a position where "game-on" can be called. This example is a weekly chart so it will take as long as it takes. Worth keeping an eye on or testing it on other stocks.
Cheers
RAC - Charts & Price Action, page-20262
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Last
$1.94 |
Change
0.055(2.92%) |
Mkt cap ! $330.4M | |||
| Open | High | Low | Value | Volume |
| $1.89 | $1.96 | $1.85 | $333.0K | 174.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3105 | $1.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.95 | 7574 | 1 |
View Market Depth
| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| RAC (ASX) Chart |