Hi Brighton, I'm not surprised by the weakening of trade today, for reasons mentioned previously. However to be fair, while I think change in pace is not just due to settling the CN conversion price, the daily char (which I didn't show yesterday) was looking overbought after the surge in price over the last week.
So easing of price on less volume is not surprising. Today's daily candle closed below the mid point of yesterday's candle which shows weakness. On the weekly scale we have to bear in mind this is just Tuesday so the candle could look like anything by the end of the week. Today it is showing the weakness reflected by closing below the mid point of the candle, creating a long upper shadow. From the perspective of a short term trader, yesterday was the day to take profits, and perhaps today some of the more optimistic traders have belatedly done so. For the longer term perspective, its really a wait & see for confirmation that we will maintain this level or fall back to last month's lower levels. 18c is still the key level in that regard, imo.
Cheers, Sharks.
CM8 Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
