The correlation of the spread of the candle and volume today indicates the bullish momentum is over; the bearish momentum is in control.
But it is as I have expected. Last Tuesday night I wrote:
"It is very likely CM will do the same operation tomorrow. The target is to bring the sp up to upper border of the trading range. Once it gets there, if CM smells supply is available, CM may start selling agressively again (taking some profit from the shares he bought today) and bring the sp back down to the ST level (sometimes slightly lower). The purpose is to frustrate holders into selling. Once he knows he holds all available supply, he would start bringing the sp up and slowly build the confidence of those poor battered souls to buy again."
CM is always a few steps ahead! (I was going to add "of dingbats and fogbrats" but I stopped. )
AKE Price at posting:
$11.69 Sentiment: None Disclosure: Held
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