Sorry, but I can't post any charts. Todays action seemed pretty lack-luster. We had low volume once again but closed on the low side.
The positives on todays action was that we made higher lows and higher highs. The other good thing is the fact that the supply seems to be drying up. Also, we're moving away from that scary big volume up bar on the 5th of May.
As we can see, since May 5th we have been testing the supply that could've been present in that bar. Day by day, volume has been getting lower and lower proving supply is drying up. Hopefully we get one more test of that supply. Preferably not a shake-out, but that is always a possibility. Good thing with a shake-out, it usually signals a change in trend....
Once all the supply has been removed, the SM should slowly work this baby up... on increasing volume. What we don't want is up bars on low volume, which is a sign of weakness.
Just my thoughts...
Ads.
SDL Price at posting:
36.0¢ Sentiment: None Disclosure: Not Held
