AVZ (ASX) AVZ Chart

Originally posted by wilfran1pm ↑

@YourDudliness – If you have a look at the way that Heiken Ashi candles are calculated I think you’ll find that you will never see a gap on a Heiken Ashi chart. This, apart from the fact that Heiken Ashi candles filter out most of the noise in a chart, is the most appealing thing about this type of candle chart. They let you see the real swings in price with all the irrelevant noise filtered out.

With regard to the discussion regarding the type of candle that appeared on 06/11 and what it meant, you just have to look at the price action that day to see what’s going on. The SP traded higher on good news and then was sold down on relatively High Volume, hence the large upper wick. This sell down occurred at what can be seen as being significant overhead resistance, that being the level of the 50 SMA (dotted blue line on the chart) and the level of the Ultra-Huge Volume Close of the candle from back on 07/06.

So the lesson here is that you should forget about all those silly “Candle Names”, and never consider candle shapes as being significant without also considering the context and location on the chart where they occur.

My daily momentum chart for AVZ is shown below (data is ASX only and as at 12am today).

View attachment 1357429

It looks to me that the SP price action for AVZ is going to be sideways in the mid 6c to mid 9c level range until the Traders or Investors who are capping any SP rice rise at the 50 SMA finish their accumulation of shares or get left behind on an improvement in market sentiment for AVZ. Here’s hoping that this sentiment change comes into play with what we are expecting to be more good news in the future.

All IMO of course. Good luck everyone.

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Apologies for delayed response W...it's been one of those days.

Usually back check data and only recently started playing with these particular candle types so what you say makes perfect sense.

Definitely agree your view on context of candles in the broader chart...goes without saying, Great that you took the time and effort to clarify the point for me and hopefully others don't repeat my mistake.

Cheers

LLL

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