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CL8 Chart, page-51

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gypaetus

1,572 Posts.

93

01/04/17

15:50

Post #: 23790282
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Originally posted by gypaetus ↑

Cheers tts it was bilt5 that referred to the gap. I wanted to see a low volume test of 025 with a close at 026 for 2 reasons. Why the low volume test of 025? 025 has previously been a level of resistance so I wanted to see that resistance turn into support. Buyers have bought at 025 seen the price move up then retreat below, be underwater for some time then move up past 025 only to retreat again. So potentially there could have been a lot of selling pressure reaching 025 again. Why the close at 026? To show that buying pressure (interest) still remained.

Personally, I think a lot of the gap obsession is superstition. I like gaps as just like reefs, ledges and holes they can be good to fish from, but there are real reasons why gaps are important.

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Probably should add that I was wanting the test of 025 and close at 026 because the previous day was indicating weakness (opening at 026 climbing to 028 only to be forced back to close at 026). The fact that it took two days to provide this reaction, I would've preferred it to happen on the one day.

CL8 Price at posting: 2.6¢ Sentiment: Buy Disclosure: Held
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