Getting ready for next leg ?
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Yes BAS remained flat to finish on 14c. Our volume on the lower side and similar to yesterday, just over 2.9m shares traded. We opened on 14.5, touched 15 and 13.5 and finished flat at 14.
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So do we think that we have given enough time for consolidation, so that we could move on? Difficult to say, but possible. Last 2 days have been low volume days. Yesterday we dropped but held today - so providing positive signals that consolidation may have been done. Overall markets were generally flat, but oil did make a small gain, so that could keep our momentum.
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Couple of days back when we were rising, we made a jump from 11.7 to 13.5. Then instead of rising next day, we consolidated and finished again at 13.5. Next day we rose. This time we are falling, but pattern is similar, now we have done double 14. From technical perspective it looks like it has back tested the number as well. So there is a good chance of a rise, but anything can happen so please dyor.
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So what will happen tomorrow? It would be good to get back to some numbers we were tracking up. First is a finish of 15.5+. Second is a new high of this leg of 16.5+. Do we think we can do it in a day? Its possible but will depend on what other punters have in mind. If our friends are there to do the line wipes, we could certainly do. Will that happen? Let's hope so. All the best.
