charts for the scallywags, page-20

Just saw ewob's post.

Had a bit of a look....

Not a great deal of potential accumulation recently, mostly supply (selling) which sets up potential resistance zones,
as many people who bought at those times would now be underwater and are potential sellers (to get out without a loss) if price was to rise again,
which may restrict a future rally.

Supply (selling) does seem to be reducing recently on the weekly down moves, so that is a positive, sellers possibly drying up.

There is a minor potential support zone which is in play at the minute, support between 27.5-35.5cps, this need to hold,
(strongest part of the support zone appears to be beteween 32-33.5cps).
Next lower potential support zone (if required) looks to be between 16.5-23cps.

Needs to get back above the uptrending line that was broken last week (which had held since August 2012).
If it cant get back above that trend line very soon (like this week), it will possibly become another resistance area on the chart.

Then needs to get above the Dark Green downtrending line and Test (show there are few sellers around)

cheers