bearish open/close reversal pattern, page-3

Not a reversal pattern as I see it...

Just a long black candle...but yes, it does suggest lower prices possible near-term.

This is a very liquid situation, there is no telling what may transpire tomorrow, or the next...or the next.

Once the pattern was established for today's trading (profit taking), it was always going to be a case of; the lower the close, the quicker the recovery.

Was today's close low enough?

Not sure, but I suggest there will be many waiting at or just above the gap down to $1.50...and as such, I would expect selling to slow at these levels.

On this basis, the downside risk may be perceived to end around $1.50...therefore, as the price approaches this number, we are looking at diminishing returns.

The last 20 minutes or so today appeared to be forced selling, with very few following it down...probably a combination of stop-loss triggers, t+3 stuck from last week, manipulators pushing for a lower close, or simply those not happy to hold overnight.

I would not be surprised to see an open over $1.80 in the morning...nor would I be surprised to see an open under $1.70...such are the dynamics of a volatile stock.

Just remember, the BHP MOU is not the end of this saga...not by a long shot.

Cheersa!