DXB Chart, page-1169

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slick

14,618 Posts.

7850

19/07/24

16:11

Post #: 74832126
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Originally posted by slick: ↑

I've retired from HC so will leave you with this.

Sorry about the colour combinations but still getting used to the new Iress Viewpoint.

I know it's not what you want to hear but today's candle and price action was perfect for a falling stock and here's why.

On very large volumes the SP got sold off but at about 11.00am the sellers ran out of ammo and buyers (demand) came flooding in and soaked up the price leaving a very deep wick a long way below Bollie bands (an entry signal). So that sort of price action sends a positive indication in most scenarios and traders would enter as a high probability trade. (yes it can fail too but you either trust your system or you don't).
What I can't determine is if this downtrend is finished yet as to do that the SP would need to climb back above the white Bollie median level but my first target is the 8ema which is popular after a wick like today. That will do me for the trade until confirmation gets signalled.

Now having said all that, the chart still has a fair bit of work to do to be labelled as bullish IMO. MACD needs to reverse to the positive with the yellow wicking upwards to cross the red and the SP candles crossing above that yellow 8ema for the first steps. Hope that makes sense as it's important for those playing at home to understand.

IMO this recent downtrend in the SP should never be seen as a negative towards the company or management but simply a normal movement in a stocks journey. The market is now far more geared towards players working the swings rather than just holding and waiting. There's more and more insto's and soph's therefore more snouts wanting quarterly bonuses so we all need to adjust through it and move with them. IMO.

All the very best.

Cheers

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This post seemed to be right on the money which is strange from me. That candle did prove to be very significant.

Chart is looking superb folks, SP has moved into full bullish mode now printing candles above both the 8 ema and the bollie median. To back that up MACD has crossed into bullish mode.

As for the all-important weekly, well after a little smacking for bad behaviour (way to far out of bollies) it's back in bullish mode also.

I'm not here to say how far the SP will go as I don't know nor does anyone else but enjoy the ride.........until it stops.

Cheers

DXB Price at posting: 56.0¢ Sentiment: None Disclosure: Not Held
48 Upvote

10 Great analysis

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