Timbo not if you have been following my postings, on
Thurs the 26th I suggested a lge bearish candle and most likely top of a 150%
run in 7days which is a bit out landish.
I was challenged by Ourlady to "please explain" thus posted this
http://hotcopper.com.au/post_single.asp?fid=1&tid=1050236&msgid=5853422
The text of the message aboveOk Ourlady heres my considerations
Firstly RSI is more of a channel indicator, however as per my chart double top
yet a higher price (bearish divergence). This would indicate to me the rally
lacks strength for starters.
Bearish inside day, yes you are correct needs confirmation. My thoughts are,
tomorrow being Friday will have traders taking profits before the weekend,
therefore a weak day. This will provide the ideal environment for a poor day and
most likely a down day, thus will probably see confirmation of the bear day
tomorrow.
Next the rally has been too quick and too fast and lacking any real substance
fundamentally (you may challenge this and understand).
.027 is the 62% retracement, which is shown on the chart attached by the
horizontal red lines. .028 was chosen as just above, .025 chosen to allow for a
little overshoot.
May see some support kick in at .033, 50% retracement, this area is also the top
of the big candle where the rally commenced.
Of course this analysis could all be wrong and traders may take the next leg up
to .10, however i consider my theory as the most likely.
If I am correct it would depend on how it falls and volume kicking in at
oversold levels to create a buy signal.End of post
I am discussing a technical view point that I started
last week, only to now have the fundamentals support it thus my mention of the
DOW and commodity weakness. As I have stated in earlier posts as well.
I am not sure a failed fish and chippery would have what it takes to run a coal
mining business but do note they have made some changes and so maybe they do.
Regardless Rome was not built in a day and nor will SSS they will need to prove
themselves as with any other stock. Thus a retracement is more than
likely. Take a look at other stocks such as BUY, everyone there thought
there would be no fall back, but hey as I have mentioned to others if you think
my analysis is wrong buy some more as it certainly could be.