False Base broken - now heading below $2, page-86

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Kkkw

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16/10/19

23:10

Post #: 40920263
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Originally posted by Jamieevie ↑

Well didn't want to rule out that there couldn't be an upthrust before further selling occurred for the fact these things require upthrusts (which is exactly what happened). Given the heavy distribution in the stock over the previous few months I'm still currently of the opinion that the composite operator who was selling to retail share holders from May still wants to offload more stock and so this should mark the start of a new redistribution trading range rather than the beginning of accumulation, but it's so early in the move so would need to consider both possibilities and the subsequent price action should give us a clue about what it is. The real test of course will occur when this upthrust meets its first supply zone - likely to be anywhere from the closing price here to as high as $3.12. If the price started putting in a pattern similar to the below then it would make me more likely to conclude redistribution. While I think redistribution is more likely though if it does show signs of being accumulation though it should also be clear through the price action, so will need to wait and see how things play out.

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Impossible to know and pointless trying to guess. Charts tell little about the future but only the past. Fundamentals and ACV is what will drive this stock.

NEA Price at posting: $2.87 Sentiment: Buy Disclosure: Held
16 Upvote

3 Great analysis

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False Base broken - now heading below $2, page-86

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