Here is some facts Samboy - probability is against you 'short term' shorting from here. We have now had 6 days of Close < Open (including today). Take 966 observations and the probability of reversal is 58.3% tomorrow and 60.0% friday . Prior days have been 47.7%, 46.7% 41.9%, 42.9% and 50.0% reversal probability. The odds are working against the down trend and volume is declining (less sellers), and along with current position v the MACD, 20dma, 50dma and 200dma it is ripe for a reversal. There is also 96.17% probability tomorrow will breach 5.395.
The other point the last time 6 days Close < Open:
* 14 August 2017, bounce as 19 cents
* 7 July 2017 bounce was 12 cents
* 19 December 2016 bounce was 4 cents
I just bought more and as i posted about the trend in September and October previously i was waiting for the moment.
FMG Technical Analysis, page-156
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 (20min delay)
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Last
$27.44 |
Change
0.430(1.59%) |
Mkt cap ! $83.16B | |||
| Open | High | Low | Value | Volume |
| $27.64 | $27.67 | $27.44 | $17.59M | 637.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 1860 | $27.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $27.45 | 712 | 5 |
View Market Depth
| Last trade - 10.30am 22/05/2024 (20 minute delay) ? |
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Last
$27.33 |
Change
0.430 ( 1.51 %) |
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| Open | High | Low | Volume | ||
| $27.64 | $27.66 | $27.33 | 110995 | ||
| Last updated 10.50am 22/05/2024 ? | |||||
| FMG (ASX) Chart |