Hi Bas - yes, close to a hammer. There was maybe one or two trades at .365 so that doesn't count for me. The .355 finish could have been just as easily .36 as it jostled around at the close. So, I would call today a candlestick "hammer". There was a far volume rush to close at higher levels. At some point, the shorters do need to take profits and I speculate that there is a bit of it out there. When it reverses (and no on can say when as they have deep pockets) then we will see a mad rush to close out. We ill see some heavy sell side stacking (a bit like today)and some reverse dumps to give the impression that the game is going the other way. This isnt very costly as you can see that they sell/buy into their own stacks and clean out the guys caught i between. The SP can go lower and it may reverse, as the maret watches, the move is likely to be swift. Intraday very tricky as they may fade a quick move, shake out the people who are hurting, stopping out etc... and at the same time buying more than selling in preparation for going long. The lead from the DOW and XJO will probably set up their game plan.
That is why, I am an investor and not a trader here. It is too hard - not in the sense that you cannot scalp a bit, you can - but I am after the big prize and that means not getting shaken out. There is a risk here of course - but also to stop out at this poin.
SDL Price at posting:
35.5¢ Sentiment: ST Buy Disclosure: Held
