Charting 2.0, page-2411

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Cabbie

9,236 Posts.

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01/04/20

22:17

Post #: 43829002
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Originally posted by Cabbie: ↑

Just an update on my chart - Volatility is certainly the over riding aspect, evidenced by the increased spread and volume. That volatility has finally given me what I couldn't place or plot before and that is some sort of demand/supply line to try and identify any break in what was a long period of consolidation. I've labelled it TL (what else !) and we can see the action around this line for the last few days.

One candle/bar I have marked with an asterix on the 17/3 was important because it was obvious that any subsequent bar was going to be red - makers and traders will take profits almost immediately in this market but just how far it was going to go was the question. Pleasing that the market did not join in the following red bar to any extent and support held. Today's green bar I will treat with similar suspicion and see just what the response is on Monday.

A difficult market but an optimist might say that before this mess WKT was trading around .18 and today closed at .15. That's not bad for a chartists "pump"

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Just an update to my chart - I was in my last post reasonably pleased about the breakup of that long and drawn out consolidation pattern and hoped better share price moves were to come. They did for a day or three and then the momentum collapsed.

Along with an announcement from WKT management and the general global crisis we can see the chart has once again reflected market sentiment.

There is a new support level becoming apparent at 11 - and it's been there before not so long ago (2019). So as always there is some spot to look for a reversal.

Last edited by Cabbie: 01/04/20

WKT Price at posting: 11.5¢ Sentiment: Hold Disclosure: Not Held
13 Upvote

0 Great analysis

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