Hi EveryoneThe last 3 days was oustanding action culminating in...

Hi Everyone


The last 3 days was oustanding action culminating in 162m on Friday.

On Friday there was an attempt to reach the 50 fib ( 7.56 ), but the wick of the candle ( green arrow upper rhs ) suggested that was a bridge too far, SP has elevated way beyond the upper bollie band.

So whats the prospects looking for Monday ?

Tale of the tape.

a) There is plenty of room to move on the AO indicator with green bars only just above the baseline, its a laggard indicator, but no matter.

b) MACD shows plenty of room too as it has only just broken out past that red line.

c) The RSI 14 is a concern, @ 73.7, its in over bought territory but it has reached 79/80 in the past , so its possible to get there but not a certainty.

d) As mentioned before , that upper bollie has been blown to bits and if you look at the last few peaks starting from LHS, wave 5 up, 1, 3 and back to 5 at the very peak, they have all blown the bollie by a reasonable way and then retreated back to within the bands, so on the daily chart, you have 2 positives and 2 negatives.

WEEKLY CHART


Prospects look better ...but remember, weekly charts are laggards

a) AO indicator has plenty of room to move

b) MACD has room to move

c) RSI 14 is not in over bought territory @ 66, so decent room to move

d) SP is nicely within the bollie bands so room to move there too.

In closing, 50/50 call whether Monday will see the 38 fib broken, i have seen other hot coy recently move up on alot less margins on both the daily and weekly chart indicators than LRS currently, if I am being selfish, i would like to see a back test from here to low 6s so i can load up a bit more in anticipation of the jorc this month, but hey, the market will dictate that, not a small fish like me.

IMO

Not financial advice !!

GLTAH