Yes. Tricky. The buy and therefore the sell volumes are extremely high at these prices when the short range natural TA target is circa 129. It looks, on one hand, like a serious shorter defense is occurring but they are slowly losing, but on the other it could be selling volumes on the way up to increase the gain on the way down. They would seem to be selling at too high volumes at too low a price to be making that a worthwhile strategy - they should be waiting until 123+ to do that, and just let it run up to that point then come in in massive volumes. So that puts us back to the defense behaviour which just seems like a losing proposition at this point, with some one or some group buying in very large numbers and swamping the sellers, but being measured - letting them sell into them in high volumes, which implies the buyers are nowhere near finished. Either there is some incredibly complex strategy occurring or the shorts really know no more than anybody else and appear to be completely misreading the market at the moment. I have a target of circa 127 at the moment and on pattern matching it should pull back a bit around there, but not enough to make these sell volumes at these prices worthwhile I would have thought. If we keep these volumes even that pullback is looking iffy.
GXY Price at posting:
$1.19 Sentiment: Buy Disclosure: Held
