As I said:
"I'd say if it makes one more upthrust attempt but fails at $10.80-$10.90 that would be the best confirmation that the supply is overwhelming any demand and would look for the next leg down to occur." 2 day chart shows it encountering supply right at $10.80 and forming what looks like a distribution pattern (could be reaccumulation but again given the ease at which HUB rallied off the support zone on prior downthrusts it suggests bulls are exhausted or supply is now overwhelming). On prior upthrusts bulls encountered very little supply once it rallied off the support zone, this time its encountering a lot of volume = lot of supply.
2 day distribution pattern encountering supply.
HUB Chart and TA thread, page-22
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Last
$54.74 |
Change
-1.020(1.83%) |
Mkt cap ! $4.401B | |||
| Open | High | Low | Value | Volume |
| $55.50 | $55.70 | $54.18 | $12.74M | 232.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2 | $54.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $54.78 | 402 | 2 |
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| Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
| HUB (ASX) Chart |