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05/10/16
13:07
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Originally posted by Budweiser
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41c is not too much at all....
Look at the chart
-12/08 41, 41.5 is light support, drifts to strong support and oversold at 32.5 shoots straight back to 40.5 19/08
-By 23/08, 23/08 the light support line at 41 now becomes new resistance, falls 10% and tests again on 06/09
-Falls to 32 again 12/09 forming strong support and continuing to stick and move in the downward channel, tests resistance at 40 one week later 19/09.
-The test last week was to see if 32 would stay as support or flip and become resistance. If it closed consistently under 30 for some days in a row with volatility you could strongly suggest it would continue down, and gap to mid 20s. Volume wise however, it stabalised.
-My chart assumption and view is that 34 to 36 is a break of that downward trend back towards to a more true valuation of the SP on the back of the plant update.
Tomorrow will tell if I have learned to read correctly into some market psychology or if all this typing is smoke up the a.
To be honest I wanted it to fall to 27c so I could load up, but hey, I'm in the green either way.
GL
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My only point was that it was optimistic to think there would be no shorting attempt before 41c. We have not yet broken the broader downward trend that has been going for months although I think we're pretty close. Next bottom will tell the story.