chart update anyone?, page-92

Hi JG,

Looks like a position has been unloaded (or is in the process of being unloaded) on ARI,
I don't know why or if they are finished yet.
This sadly will lock in some potential supply at the previous highs now, and this 'locked in' supply will most likely provide short term resistance.

A little demand came in last Tuesday, it wasn't huge, but enough to turn it for the remainder of the week,
however, as can be seen on the chart, it could only turn up to the lows of the previous sell down, where resistance was found as would be expected.

It can be also be seen that supply was generally reducing as it was being sold down, so that gives some hope that the supply has finished,
although always be aware that at times the share price can be 'held up' until the position is exhausted,
I would be very wary of any 'weak' rises in price (rises that have no volume behind them), for the short term.

As for possible future support levels, especially if this sell down continues,
all throughout that big congestion zone to the left has multiple levels where support may be found and probably should hold,
a break through that congestion zone would probably indicate a return to the lows.

The Weekly chart (not shown) shows a similar thing, with supply coming in 3 & 4 weeks ago, then a weak rise on low volume, and last week an attempt to support the market, so that tie's in well.
and the short term wave chart also agree's, with some demand seen at the recent lows, but no further demand at the 1.23 - 1.24 levels.


ARI Daily

cheers