For the dummies (me) are you saying this is a bullish downward trend reversal indicator? I can't quite see the pattern that you discussed from the chart that meerkat posted above, but I am very inexperienced with charts.
The other thing that struck me was the very marked difference in Volume figures when comparing the uptrends to the downtrends on the chart. There seems to be significantly more volume going up then going down. This would indicate to me that most of the buyers during the upswings have continued to hold during the downswings.
If so then this would look like consolidation to a certain extent and would indicate to me that the sp, whilst abysmal, has been driven down on relatively small volume. This would logically to me give some semblance of support to other posters' views that the short termers have sold out due to the worse than hoped news re deep drilling. It would also indicate that longer termers (both small timers like us and maybe institutions?) have held on and increased?
I would be interested in your view and those of others. Hopefully supported by reason and logic and not just antagonistic one liners please guys. If you don't have time to properly express your view then it may be best to hold onto it until you do.
Have a great Sunday all. About to jump in the pool with he kids.
Cheers,
Cal
BGS Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
