Quite often I work in too small a timeframe which can and has clouded my analysis especially this time round with BTA - out of the 15weeks before plummeting below $2.00 there was imo was only 2strong or normal weeks - not inspiring, should not have been in at this point cause the weak ones certainly out numbered the strength and it was only a matter of time.
Week No1. big volume to the down closing low not much strength
NO2. very weak bar - high volume finishing low narrow spread - this is a bad one also
NO3. less volume this week and finished low but made a higher high and a lower low - not good
NO4. very weak bar again like No2. but made higher high finishing low, this is a bad one
NO5. less volume to the up and narrow finishing low - normally I would have expected to break down below $2.00 very soon especially with those seriously weak NO2/4 behind it.
NO6. this is the first normal looking week so far - slight increase in volume making higher high and closing high.
NO7. weak looking - increase in volume higher high but finishing lower - why
NO8. just like week NO5. would expect it to roll soon
NO9. is like NO6 and looks okay
NO10. similar volume but narrower spread and slight increase in price - it's okay
NO11. is similar to NO5. and NO8. but this time it finishes lower but still weak
NO12. increase in volume to the down finishing low bit of selling
NO13. is the same as NO5,8 & 11 and expect it to roll soon
NO14. slight increase in volume to the down still weakness and very similar to the previous
NO15. it finally starts to break down
Now the last two weeks have shown strength from this timeframe but a text book entry would be a low volume down week from now on - note the last week was also up on high volume - Hopefully I haven't been too confusing
BTA Price at posting:
$1.34 Sentiment: None Disclosure: Held