Hey Viney,
You could draw from the top but it would have given you a false breakout signal. The downtrend line I drew is still active and has 3 touch points and was confirmed as a failure when IJ jumped for joy about a high volume up day. Unfortunately, it was just traders taking profits and confirmation of the downtrend.
Even if drawn your way (which wouldnt be incorrect, just different) the Market can be tricky like that. The result would be the same though - bearish.
I have no doubt we'll see one more test of the downtrend line on "high volume" before we get a breakout or breakdown. Statistically speaking, a breakdown is the probable outcome, a breakout less possible.
Hope this helps.
Is 14 cents the tipping point for BRL?, page-31
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Last
78.0¢ |
Change
0.025(3.31%) |
Mkt cap ! $149.2M | |||
| Open | High | Low | Value | Volume |
| 75.0¢ | 78.0¢ | 74.5¢ | $14.06K | 18.55K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4234 | 75.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 78.0¢ | 9139 | 1 |
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| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| BRL (ASX) Chart |