There are countless ways to present the price action which can provide different insights. Trend lines are one way in fairly common use but open to interpretation and need to be seen in context of the surrounding current price action. Also I used linear price action where really it should be compressed.
Since about the middle of last week the price action looks to be consolidating but a bit early to be sure. Technically it looked bullish to me around the high 80's and I said so but it never made it past 87 which seemed to trigger a sell signal for someone with deep pockets.
Today maybe some signs that the pattern is changing. Despite some solid intraday dumps (50-100K) which knock the low volume buy queue and price around as has been case in the last week or so, the price recovered today and finished wih a lowish spread on low volume. It is a Friday too.
I added some at 96 cents not so long back thinking that there looked to be solid support around 94 cents at the time and thus low risk, but crashed and burned on that one. It won't take much to reverse the situation IMO, an awful lot of sellers must have been mopped up by now. A matter of waiting as you suggest.
AJX Price at posting:
79.0¢ Sentiment: Buy Disclosure: Held
