Malay, using the weekly chart for a wider view you can see on
w/e 5 th oct the sp hit resistance at 1.30 level, and so Round 1 began. Clobbered for 4 weeks, fought back in 3 to the 1.30 level, and so Round 2 began.
Clobbered for 4 weeks, fought back in 3 to the blue corner, the 1.28 level, and Round 3 began,
Hammered for 4 weeks, took another 3 to find its legs and slogged its way back up to the 1.28 level in 7 weeks,
and so Round 4 began,
down again in 4 weeks, sideways slogging it out and losing ground for 8 weeks before picking itself up off the canvas
[ Doji's and double bottoms are helpful to have around ]
and back up in 5 weeks
and so Round 5 began,
just a little bit of sparring and whooshka up and out of the ring. In those 11 Months of brawling it has taken everything thrown at it, and on it's 5th attempt broke resistance at the 1.30 level.
It broke thru on a volume of 155 million or 4.96% of issue.
Looks like it learned a lesson or two from all that brawling and become a heavyweight.
Now comes the interesting part, the retest and how far down will it go to close the gap?.
Well you would have to be game to try and short this as the slide on friday was nervous holders pre US Non Farm Payroll Figures.
The figures are out, the market has reacted,and looks like OZL is coming out swinging.
Turn the chart upside down and ask yourself what course of action you would take , short or long or no trade.
One of the preconditons i have made in leaving my body to science is that they put my brain in a blender and hit the on switch as i was monitoring OZL for ages and then seem to have missed the best rounds and fallen asleep at the wheel.
No harm placing an order at 1.33 for monday , but i think
the momentum will carry it on up until it hits 1.45 / 1.50.
have you seen this video of Rob7 from the charts section
