Not really the discussion of Crystal balls. Whats your short term prediction? Its more of the discussion in regards to technical analysis versus fundamental analysis to determine short term share price swings. I standby the prediction. It should consolidate again a lowest resistance point. Its previous 52 week high 18.5 cents. (17 - 18 cents is a better consolidation point before seismic).
I hope all holders become rich on here but im concerned with our new resistance road blocks now come seismic announcement with trapped holders 20 cents - 25 cents that purchased friday looking to recovery cost or pip. It wont assist share price appreciation once good news acctual comes. Previous to this we had blue skys above 18.5 cents, setup perfectly for our seismic run.
Current snap shot buying and selling volume. Our average YTD buying volume sits at 13 - 15 million and YTD selling volume 3.5 - 4 million. From the action we witnessed friday buying volume peaked to circa 18 - 20 million and selling volume peaked circa 7 - 7.5 million.
Traders pip selling volume wall at 23 and 23.5 cents (1.8 million shares). Selling volume 3 million between range 23.5 cents and current share price. Plus, mysteriously we had 7.8 million shares for sale at one point on friday afternoon and 3 million disappeared off screen. This tells me we wont breach resistance point without a good announcement now.
We also had mysteriously chunky on screen buying volume near share price in the afternoon but it doesn't appear as strong and i think it was for the illusion to hold share price above 20 cents to sell into.
We previously were walking along the trend line and our next rerate would have been seismic announcement or farmin update. Now that we bounced higher above recent highs a pull back is warranted in the short term to realign our share price.
From what i can forecast on the 5 day chart a potential descending triangle formation occuring. Its not unusual on occasions for the descending triangle to be found at market tops. If this completes in the short term with a flat lower line would signal a short term trend reversal to the downside. It is also important to watch for volume as a clue for price swings if heavy volume is on the downside then it can be considered a warning of a possible trend reversal in the works.
As you can see previous resistance point at 18.5 cents will now become our support. You can also notice anything above 21 cents got wiped from Fridays candle stick and could indicate a short term reversal looking at other times over the last year this candle top occured in its recent journey.
Inadequate completion of the descending triangle will provide an early clue. This is why i think better opportunities still to top up at a lower share price still.
I wish all holders good luck. Im purely talking short term share price movements and not a long term view at the moment.
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