Hi folks hope all are well.
Obviously their has been some pain with the SP in recent weeks.
I did try to warn of this coming when I asked posters to take notice of the charts
Anyway that's in the past.So let's concentrate on the future.
If you find any part of charting interesting or like to dabble here and there
There are many reasonable charting apps and sites that are free.
Big charts..tradingview..investing.com...amazing charts..stockspy etc
Pretty simple set up.Paid ones are better.
So going forward we want to see the selling pressure flatten out and find a new base for support..Ask yourself why has this recent activity been negative on the SP.
Brazil strikes
Delays with announcements
Water pumps
Eofy sell off
Negative price channels
Fib at 6.3 c smashed
3 support bases smashed
Higher volume sell off today
Negative market sentiment
Lack of news
Delays
Not enough mining equipment (my thoughts)
Sure all of these don't help but the real killer here is the broker data showing nett selling ..Not nett buying..if you combined all of these individual reasons then the SP can only go one way.
The market will never feel sorry for you.
I took a small nibble today at 6 c.
Previously sold a few shares at 8 c ...
As my chart pattern recognition and indicators warned of some pain.
So let's move forward ...with some thoughts.try this set up.
So let's chuck out the RSI ( useless under these circumstances)
Chuck out the MAC D...too much lag
Set your charts up with ..ADX..+DI...-DI...20 day...RMI with the Y set at 5 instead of 1
Then include the twiggs and some volume...YOU will get a better idea of when this trend will change...
I have some cash ready to go and hope everyone does well..
So if ever their was a chance of a bounce ..it would be tomorrow.Not 100% convinced.
These are all short term events..long term it will be fundamentals that drive the SP.
I still believe.
Hey bidrod how about posting a simple photo..proof of life please.
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