" ...Waiting for that day as conformation for change in trend! "
Hi doogs, me too mate :)
first up my apologies, yesterday was not a shakeout, it only dipped beneath our previous level of support at 34cents by a cent, now that wouldn't shake anyone out hey, and there's only been one shakeout on the daily in the past year
yesterday appears only to be a strong buying day, finishing on it's highs from the pros, it will be quite interesting to see the price action over the next few days
as we all know and want, we definately don't want to see any weak bars, at least until we clear the 38cent level, cause if we don't clear that, it may mean were in for more accumulation down at this level
after our 'potential selling climax' bar of 4May, we then have had a period of 'accumulation', this has been seen by the reducing volume and a tad of trashing around within the spread of 4/5May
below I've updated 2charts for SDL, the intra and a daily
on the intraday chart, it can been seen how strong the second half of the day was after it had dipped beneath that previous support level, for a true shakeout (which I would've preferred to have seen), to shakeout all of the remaining weak/ST traders, it should've dipped say down to 30cents and then rebounded back up.
in doing that it would've given the stronger player all of the current floating supply, at present I think there's still a chance that they may want to get it via some other means before they really start to take this up
I've also done a chart of our big mate BHP, it's a weekly chart which makes us take a step back and look at the larger picture, sometimes or I should say too often it's easy to get trapped into looking at the daily movements of your favoured stock and not seeing what's actually moving the market, of which you are part of
BHP, our big buddy, weekly chart
SDL weekly
SDL daily/intra
SDL Price at posting:
36.5¢ Sentiment: None Disclosure: Not Held
