G'day @gtrade , yep still hanging in.......although I did sell...

G'day @gtrade , yep still hanging in.......although I did sell some (almost half) up nearer the previous highs, and have since bought most of them back again.

I usually spent a decent amount of time studying the weekly chart, as there is much more (five times more) information on each bar, this means that important weeks & levels stand out strongly, and it also removes some of the day to day noise seen on smaller time frames. So for longer term, and a directional overview, I like the weekly (and monthly) charts.

That said, the week ending 26th Aug saw a potentially important reversal on a sharp increase in volume, and the next bar was up........suggesting some serious buying had emerged. Since then price has pushed up to that 15.5cps level, which has been an important level for quite some time (since March 2016), and this week has pulled back a little & appears to be testing the strength of that line.
So depending on what happens tomorrow (when this week's bar closes).
If the seller's cannot gain the upper hand and bring price back to test the recent lows (which does appear less likely right now),
and any supply has been drawn out and absorbed at this level, then price may attempt to accelerate away from the danger point.

Weekly Chart (last bar incomplete)


cheers