chart - follow the money

3 types of posters here:

1. those who sold and got burnt - posting negative view which vindicate their losses... suggesting the company is rubbish

2. those who have held - posting old fundamental news and questionable analysis from Hartely's etc.

3. Those who made up a large part of the 150 million shares bought yesterday looking for opportunity to profit : day traders, swing traders and longer term holders...who I reckon are on the whole not posting on HC. Happy to play this out.

I personally like a swing trade and follow the money : i.e look left on the chart and then into timeframes on intra day charts that follow the volatility well.

Daily charts are now only useful for historical price action and volume. Indicators over daily timeframes,such as MACD and stochastics are useless now. Look to intraday time frames. Looking left we see near to 150 million shares traded Sept 09 with a range from 5.3 cents high to a 4 cents low. ( hence our range yesterday, only tightened by day traders and opportunists)

60, 15 and 5 minute charts show us where this might be heading next.

I see positive momentum that started to build only to turn down slightly by day traders and those not wanting to hold overnight exiting. If it were a longer trading day I am sure we would have tested 4.5 easily.

Anyway - each to their own and I hope the charts help us make some money here! Positives are: massive volume matching historical support from Sept 09, volumes gradually declining over the day and then 4.1 holding support when backtested a few times. Negatives are wider markets, sentiment and those jumping into the fire. There is also potential for a slightly lower support that may be a great opportunity if it eventuates, I feel you'd have to be damn quick as it would bounce hard if ever hit. For me, I'll watch for Bollingers and MACD in 5 minute and 15 minute time frames.

Goodluck all.