last wed 4 june it was at 1850 and a surprise retrace breakout
so thurs fri monday tues were all green candles for 4 days
yesterday it hit the 100dma and surprisingly went past it, i was out as too risky
yesterday you made a good call and it was green again
but today I made the good call
and now its dropped below the 100dma now at 2484
this becomes resistance again
4 of 5 attacks on the 100dma have failed in the last month including today
What worries me here is this rounding top, the long red engulfing candle and the MACD in denial
this portends to another short attack & red day tmrw
the slow roasting of bull tails today was evident even at 2550 & 2500 areas
I correctly called a fast sharp 60c drop at 2490
then suddenly it was 2420
the shorts were not challenged by the bulls on the dropaway down to 2420
only now the bulls are prepared to try to get a closing buzz 2420 to 2440 but not worth it or the risk on this chart pattern & TA imho
i wouldnt waste my time and money on 30c-40c ex brokerage/gst/provsnal tax/IT costs, its leaves SFA
100c -200c for sure.
its BULL exhaustion looks like after 6 green days in a row,
a pullback here it is but will it last & how low will it go next few days?
Patience is a virtue.
Trading Rule 3
Dont buy on the downside, Dont catch the falling knife, you dont know how low it will go
Wait for the floor, it will be boringly obvious with no interest
MIN Price at posting:
$24.40 Sentiment: None Disclosure: Not Held
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