I'm unable to throw in much in the way of fundamental possibilities, however I switched over to the Heikin Ashi candlesticks to help clear out a bit of noise and found that:
4 days it hit the resistance point of .30.
At this point, the sellers were bound to have overwhelmed the buyers, and the price dropped away today, with volume. Especially as the.295/.290 feed became larger and larger, with institutional selling, plus the rest of the traders that likely wanted to walk after weeks end.
We did see a bit of a bottom wicking at around .28, but I wouldn't be surprised to see if the .265 mark gets hit as a new support, now that we broke down through the previous .285.
There is a POSSIBILITY that previous bottom of .255 gets whacked too, and that it might rebound, but regardless, the down trend is now well into play again. Bummer.
Today's price passed through the short term EMA ribbon of 21/44, after trying to buy through and repeatedly failing, the 144/233.
So what does this mean? SO much relentless selling pressure.
Retail buyers are exhausted, including the analysts who likely gave a buy rating over the last few weeks, so it's probably up to APAC to provide any sort of upside buying pressure, which is unlikely for a while longer and it's not really in their own best interests.
TBH, the market is probably wary of the lack of direction and cloak n daggers selling pressure, so could
are staying away in droves, until a better outlook is announced.
Let's hope that at some point in the near future, that we see a decent announcement, which might possibly attract a new set of buyers, or else this could remain range bound for months and months and months...
Le sigh....
(20min delay)