Thx again DK23!
I have been posting commentary on the intraday when I see a divergence from the indicative trading action versus the closing price. Have done this a few times and noticed that the SP has risen strongly after these mismatches. Again, I stress that the "real" action is very helpful to understand in context of the daily chart.
So here we go for today......
1. There is some minor low volume resistance at 64 so it is expected that there would be a small breather here. (Small - because the overhead volume had little participation) If you were the "big buyer", you would take the foot of the accelerator here and let the market come to you before resuming the drive forward.
2. The
VWAP is up 4 and the Median up 6. A far cry from 61.5 close which is down 1.5.
3. There was ONE (yet again) seller with extremely poor technique wiping lines. Why you do that when the market is buying 63 happily is mind boggling. They should get a broker as it will be cheaper and would have probably got 63 all day.
4. The closing auction at 61.5 was on 54,039 shares. No selling commitment there. That is low. The last trade pre the cross was
62.5 which would have been a drop of .5 on Friday's SP. (where the big buyer was buying like they were possessed)
Given the action for today, very poor selling technique late in the day is responsible for the final price. It certainly does not reflect the sentiment of the market, nor any weight of volume- more the sentiment of ONE, just like last time. And we know what happened after that.
The VWAP and Median up significantly on Friday. That is one of the largest positive variances we have seen. Worth bearing in mind when analysing today.
