Haha, cheers everyone! Hope you have or will make good profits from this one
Few things to note, I'm a reactive swing and position trader, not a predictive. If the TA changes, I change with it. The charts above are on the weekly and each chart level tells a story. Weekly is a satellite image of the earth, daily shows a close up of the landscape and intraday hourly is like street view, with minute charts being a colonoscopy (good for precise entry if you're super
anal about it). But there are many indicators that can paint a clearer picture, like the fact shorters of FLC are fleeing. Good stuff.
Also, Paul Donnelly, what a golden entry for that kind of trade, which was placed just a few days prior to the giant volume spike. I'll have to do some reading to find out what the news was all about. Might consider topping up when your directors do.
Now moving into the current market depth. On the bidder side, it looks like 44-45c is the support wall with askers putting up gradual resistance from 47-48c. This is a pretty shallow gauge of a stock price flux range as it only takes a single whale to breach either support or resistance or for those individuals to move the walls. So we look to the wisdom of averages and check out the charts.
Since I found my fishing hole thanks to the weekly scan, I'm going to head to the 4H charts and find the best spot to catch a big fish. ADX is in trend (but weakening) so best to use momentum-based indicators when in trend. The directional movement seen on the ADX reveals we are still in a bearish state with DI- sitting above. However, the DI+ is increasing in bullishness while in a lessening trend, meaning we might flux in a range (go sideways) until the market decides on the direction. In that environment (no trend) oscillators reign, so get your RSI/AO/Vortex's ready if you want to day trade the potential 1-5% ups and downs. Carrying on, Wave Trend has completed a bullish convergence, which looks weak but may change if buying is persistent. MACD has completed a bullish cross, which we'll have to watch to see if it's sustainable. All that bullish momentum can be seen as weak currently, especially if you observe the Elder Ray, which is an indicator that shows the strength of bullish moves. My thoughts on the current state is that it's weakly bullish and could be likely to flux in a range next week (unless news releases).
Now, let's take a close up view of the volume for this year, with the assumption that all the data prior to 2019 does not reflect the companies current value. If we do this we get a short/medium-term view of the volume-based value of the co across price. Furthermore, what I like to do is look up all relevant news and tie it with volume behavior- this gives me an idea of what reports made an impact or which are snoozers (Vol activity= must have FA based news). From what I can tell, you guys really don't like the results of your quarterlies, as so far there's always been a sell-off but love hearing about sales and new contracts (who doesn't). Focusing on negative quartiles: The supply releases are large enough to be insto's so definitely got to read through those deeply if you are planning a position trade or investment, will check it out later. Back to generalities: 70% of all shares that have traded this year fall within 36c-53c, with the POC being 36c. Interesting to note there are three POC developments at 36c-46c-54c, which could mean that the value of the stock is starting to rise, as the distribution of shares is skewing upwards. Do note the zones between those POC's, because they are areas where stop losses are usually placed or areas with little resistance. Meaning the stock can rapidly fall or rise in these zones (note the recent jump, it hit turbulence at 46c POC then exploded into the turbulence of the 54c POC). Good to place your alerts when the stock breaks above or below the turbulence zones so you can capitalize on it. Cheers, have a good weekend!
