The volume on the asx was the lowest yesterday since aug 21. Whilst buyers at much higher prices in the short term would disagree, most involved in the stick market would agree it is is not possible for the sp to keep ascending vertically without retracement. Retracements are healthy as it it consolidates the levels of support and promotes confidence. What BUD is trying to do now is find the right level of support. It is a mix of traders and fundamental participants trying to determine this based on their on methodology. A few patterns are emerging: - fib 32 has had strong support at around 6.7 - a descending trend at upper levels place that limit around the mid 8s today and descending General momentum indicators have pulled back. This is decision making time. WILL a descending wedge form meaning this will rebound to the upper levels, get squeezed and breakout up or down or will this breach that support. If it does- - gap around 5.8 levels - ma10 around 5 - fib 50% around 5.3 - uptrend potential support is climbing from the lows a few weeks ago - now at about 5 and climbing rapidly.
So in my opinion many traders will be watching. There does seem some accumulation. I'd like to see those broker reports. IT should be available now from 3 days ago.
BUD Price at posting:
6.7¢ Sentiment: Hold Disclosure: Held
