chartists only please, page-71

Guys - don't get me wrong - your analysis is great but the intraday action of the share tells a somewhat different story - tree shaking was going on - there were comparatively big sells followed by very little volume. This is a classic tactic for accumulation - shake out the weaker volume that bought on the way up the previous day. And what time did this action happen ? From the witching hour of 3pm - the classic time that DT's are getting out.

The WVAP was 237 - indicative of the actual market sentiment.

The SP finished up right on the trend line, the accumulators after all wouldn't want to start a self-fulfilling prophecy of falling beneath it twice in a row.

Don't get me wrong - TA absolutely has its place in terms of timing an entry AFTER the event and in certain positions giving a good trading set up (flags etc) - but the charts whilst reflecting market psychology find it hard to determine psychotic share behaviour (aka manipulation) .

In my view accumulation was for one thing to buy cheaper and consolidate a position ahead of the next run up. Once they have gone the TA might come back to help us all.

PT

PS Without wishing to cross-reference another share - look at intraday charts and daily charts on CNP - a share I know intimately - its is share action psychosis gone mad with TA not working at all.