NCM (ASX) NCM chart

Originally posted by Jamieevie ↑

Two charts, one the longer term showing the two trading channels - long term demand trendline/rally in blue, shorter term correction supply trend line in black. Confluence of the two to occur soon. Also included daily RSI to show slowing momentum of the downtrend. Bullish RSI divergence associated with slowing of the downtrend and upcoming reversal.

Shorter term trading range with annotation. While this would suggest that the areas around PSY1 and PSY2 would again act as supply as part of range bound trading as it sets up to rally the chart suggests that any downthrust into the $28 or so area would encounter a lot of long term demand around the trendline or possibly the area of PSY1. This would then turn into a spring and some more supply absorption before continuing to rally into 2020. Either way chart suggests a further break of the surrent preliminary level of support would be a buying opportunity rather than experiencing follow through selling.

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@Jamieevie

I hope you noticed what happened a few minutes ago.
The price moved from $29.05 to $30.20 in less than a minute in a one minute candle.
Not sure but is this the spring you mentioned in your above post.Was it a fat finger error on the opposite side.
I am new to technical...just trying to learn few things. I am amazed with today's share price action so far.

1st Trade this morning in NCM lost $719 in a blink of an eye.
2nd Trade in NCM lost $769, same in a blink of an eye.
Was feeling devastated, not as much for the dollar amount but the speed in which it happened.

3rd Trade in NCM made $3322, in half an hour.

But that happened suddenly as my sell order was sitting higher which I was not expecting to get hit. Before I could sell my other lots.....the price dropped almost $1 in less than a minute. Couldn't sell the other lots. Think I got lucky today as they were dragging me down to the slaughter house. But I am still at loss to figure out what exactly happened and why. Overall it has been a very painful hold of NCM with quite a large sum tied up here. Last 3 months has been a one way downhill traffic with rarely any upswing.

Would much appreciate if you or anyone who have knowledge & understanding of this kind of price action.

Below are my observation this morning.

5 min Chart.

1 Min Chart.

Also I have read elsewhere that the pointer indicates that the price will get there soon, not that it is too high as the price was higher then the pointer only yesterday. Why was that buyer in such a rush to buy.
Or is it just computer algorithm games.
Very interesting and scary price action.