LTR 2.63% $1.17 liontown resources limited

It might be confusing to some with what they interpret as mixed...

  1. 6,187 Posts.
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    It might be confusing to some with what they interpret as mixed signals, but then they say never give up.


    Thursday => A Long Red Candlestick - This candlestick implies relatively strong selling pressure, and shows that prices declined during the day significantly from open to close and the sellers were aggressive, however if it is seen after a long decline, it may signal panic or capitulation, a final sell off attempt before bulls regain control, which does need confirmation on the next trading day!
    https://hotcopper.com.au/data/attachments/4456/4456726-76236e890311609cc7a62181712b6a1e.jpg

    Come Friday, we see a Bullish Green Opening Marubozu candlestick developing, which is generally seen as bullish. In this case its position within the broader technical picture is also important, because it may show a potential turning point and that prices have reached a support level after an extended decline.
    https://hotcopper.com.au/data/attachments/4456/4456651-1db76bc7994eb1f81f6586d9a338f583.jpg
    In the LTR chart we now have seen these CS following each other, with Friday's CS a little longer than Thursday's CS therefore also forming a Bullish Engulfing CS pattern. The white/green body does not necessarily engulf the shadows of the black/red body, but totally engulfs the body itself. This is generally seen as an important bottom reversal signal!
    https://hotcopper.com.au/data/attachments/4456/4456666-7f85efccda5995cf4dccc60c739a6284.jpg
    We will have to wait and see what tonight is going to happen on the US markets ( DOW Futures currently up 280 points) and what Monday's reaction to that is going to bring. However I'm tempted to call a possible bottom having been set at 87c. With the Fib 61.8% retracement level at 86.6c. This, in TA terms is a very important support level.

    Last edited by FlashPoint: 24/06/22
 
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