Well - are we back?.Yes BAS gained half cent to finish on 16.5c....

Well - are we back?

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Yes BAS gained half cent to finish on 16.5c. Our volume was not very high, but still double of yesterday, just over 5.2m shares traded. We opened at 16, touched 15 and finished on the day's high at 16.5

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Yesterday the theme of my writing was that it looks like we have reached a stalemate and it will now depend on buyers/seller to give the next direction. And we have got that direction. A very strong day where even a sell down to 15 was shrugged off and many even started thinking we may finish at 17, but I think 16.5 was a fair finish. All in all a very good day and hopefully this provides direction for the next run up. We still need confirmation though.
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So what was good about today -

• We had our first green after 6 trading days - its so good to see a green on screen
• All the time when we were dropping, every day we were finishing on the day's low. Now after a while when we are rising, we are finishing on the day's high - this is very bullish and bodes well for next day.
• For those interested in numbers/charts etc, it may have done something good (hopefully, I don't know) by touching 15. Last time when we were dropping, it did a quick touch on 12.5 and then we came back. Today's trading looked similar.
• There are strong indications now that we may have formed the bottom of this downtrend at 15
• Volume was higher than yesterday. I had mentioned yesterday that low volume looks like bottoming process. Today we got higher volume on the rise.

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Personally picked up some heads at 16.5. Couple of days back I had written I had picked heads at 16 and oppies at 7 - so added to that. Want to buy more, hopefully we get confirmation tomorrow.
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So what will happen tomorrow? Yesterday I had written " I have a feeling tomorrow could be our day, to start this reversal process. Unless something dramatic happens, like suddenly a big seller appears, there is a good chance we see a rise - how big will depend on buyers". Somehow this came true, we fought and we won - the first hurdle, we have few more to overcome. If the rise continues we should see 17.5/18.5/20 in that order. For me the key is to get over 18.5 - if we do that, there a very good chance we may make a higher finish than 20. But one step at a time. The momentum is there, the tide is turning. Lets hope it continues with at least first hurdle of 17.5+ finish. Will that happen? Let's hope so. All the best.