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clock Created with Sketch. 13/12/19
02:04
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Originally posted by Darkstone:
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I am thinking - and remember this is me guessing from the TA and pattern matching so treat it as entertainment not advice - it will come back a bit more tomorrow maybe 83'ish (at the outside 81'ish on Monday) and then if it follows C it should climb to about the +20% mark (give or take a couple of %). After that depends on news and other factors, but a pull back of some sort would fit the pattern in second half of Jan. If it breaks 81 then we switch to D with a lower near term peak starting after 16 - but a possibly stronger more certain rise given that would break the lower RSI 30% mark. Now what is interesting here is the buy wall which is pretty unrelenting, but could be shorts buying back in which case it will just vanish at some stage - which could be around 81. On the other hand, the shorts are near their all time high and are looking pretty tapped out, and traders like me are probably yet to come in (or at least yet to come in fully) which could almost double the wall. At the moment it is costing them over 1m shares to get 1c which is a lot of shares to get a small gain and are really only moving when the buyers let them, but then they aren't really trying that hard either. The better strategy for the shorts would seem to be to let it run back up buying on the rise and then try again after the 20% point and make another gain over the same range rather than keep fighting it out at these levels. Having said that, if shorts are indeed re-buying that doesn't take the shares out of the system but rather allows them to be relent and re-shorted.
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Thanks for the insight, I also think C is a strong possibility with US Brine players opening up in the 3% range today and GXY falling behind ORE in the last few trading days. ASX200 as you stated is the wildcard.
