Thanks ST and kudos BE with calling the gap close at .009 also...

Thanks ST and kudos BE with calling the gap close at .009 also as OvF has mentioned thank you to those who attended the EGM and posted comments, much appreciated.

If we take a look at the daily chart first we can see the Bollinger Bands (BBs) were squeezed on Wed and Thur last week and with the late buying on Friday arvo and today we can clearly see the BBs are starting to extend with the SP following the upper band. Volume is also starting to arrive and we have a MACD cross.



Looking at the weekly ichi chart and though the goal posts have shifted somewhat, the weekly blocks out a lot of noise. We can see how the bottom of the kumo has proven to be strong resistance over the past few weeks and unfortunately the CN issue didn’t help matters.

However the good news is on Friday a green dojo formed on the chart and because it is at the bottom of a downtrend it is typically a good trend reversal indicator especially if volume starts to arrive. The next candle (being today’s green candle) has closed with a higher high and therefore is a good trend reversal confirmation indicator - as it follows the doji.




Lets see what happens this week but going forward we obviously want good news to bring volume and push the SP higher - GLTAH and I hope you all had a great long weekend.

Cheers
SL