fascinating chart-where to from here, page-50

I have put a toe back in today. I sold on the morning of the noble announcement (coulda shoulda been a bit quicker than I was). I sold for 3 reason. Firstly it was obviously the trend was reversing, secondly the chart was waaay stretched. I particularly thought the weekly chart looked set for a reversal as the weekly candle was way above the bollinger band. Thirdly, like everyone else, I have been trying to work out what the hell the noble deal meant. On the surface of things it seemed like an awful lot of dilution for just a year or 2 of working capital and with the issue of capes still not addressed....I have some ideas on that which I will address later in another post.

In regards to the chart, reversals that happen after such a stella run can be followed by a retrace that will go much further than people might think. On that basis I had a target in the mid 9s. That is where the fib 61.8% retrace is but also the mid line of the bollinger band and the 50 day ema are rising and I figured they would be more or less at the 61.8% retrace line by the time the SP got there. However volume has dropped off significantly today...it could, probably will, drop further but that might make it harder to get through the 10.5 buy line. So, in spite of my better judgement and because of a bad case of FOMO I have put a toe back in just in case the reversal back up is swift and brutal. I have plenty of powder still dry should we get back to my original target. May God have mercy on us all.