G'day
@ST,
Yes, the big reversal that was completed on the 25th (when I mentioned it in Rav's Office) looked to be price attempting to remove the supply which has been causing some difficulties since NEA spiked up strongly in late April.
That April event appears to have drawn out supply, particularly when when price moved above the longer term axis line @57cps.
I don't know why price needed to come all the way back to the lows of the widespread upbar, before moving higher again (perhaps the market was caught out on announcement, and needed to bring it right back to accumulate a meaningful amount of stock, or something along those lines.......).
Anyway, since that time price has shown consistancy, and has moved higher with real intent, however when it pushed above 57cps for a second time, again there was some supply drawn out, so in response, price was violently pushed lower, only to completely recover the next day (two bar reversal), which I see as an attempt to remove the supply which has been causing some difficulties (particularly when above 57cps).
Since then price pulled back as saw some support come in to buy the supply, followed by a secondary test of that level and supply then appeared quite low (check the relative volume).
So if all that is correct, or reasonably near correct, and the two bar reversal, support and test, were all intended as an attempt to remove the supply which was thwarting a further move higher, the expectation would be for a decent attempt to move higher in the near future.
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