Friday was very significant TA wise IMO. Remembering that the softness in the SP has been on very low volume and slowly rounding off in its retrace pattern. (as per TA jargon - a "corrective" wave) We have now had two of these so highly likely now that we are entering the next macro bull structure. This is not surprising given the propensity for newsflow.
As posted before, IHL has an impulsive bull footprint and we saw some of that Friday. It felt like a "capitulation" style sell early and then some serious high volume buying come in. The Equivolume for the day very impressive with lots of ASX volume and little CHIX. Also worth noting is that 23.5 has been a support on the weekly with a strong rejection three weeks in a row. (the candlesticks are bullish hammers with long wicks for the TA inclined). As the selling has been on low volume, resistance levels can often be regained quickly once the market turns.
Very encouraging to see the style and volume of buying on Friday. A serious step up by the bulls. I think the days of quietly accumulating on the back foot for cheap stock at these levels will be a memory very soon.
