pck chart, page-1778

First chart shows the 15 minute chart of the trend channel which has formed over the last fortnight. The drives into 28 and 31c align with supply zones on the broader chart. Price action today was fairly inconclusive. There was a morning push up to 30c but that got sold into, and then low volumes until the end of the day where there was some buying/selling at 29c. Just based on looking at this it appears there may be at least one more test of the support trend line around 27-28c - whether it bounces or rallies from there probably determines what happens from then.


Going back to a longer timeframe and looking and looking at the trends, daily chart shows 2 trading channels - first in black was the uptrend which occurred from the start of the uptrend in May when it gapped up and continued to rally. You can see 3 points where the supply stepped in and stopped the rally - the buying climax occurred in September, and the break of this trend happened at the end of October. The most failure of the most recent upthrust also happened at the previous support line of this trend where it acted as resistance instead.

The blue trend lines suggest an alternative trend channel forming from the lows of the first reaction at the end of May, at the end of the consolidation period in August and the most recent stopping action in November. Stopping supply action is also clear at the points in mid June and most recent November. The price action from mid Sept-late Oct would be an overbought condition that was corrected. If the price does fail here I would probably look for this support line for further demand to kick in. Not necessarily going to go that way but if it does that would be the trend line I would look at a possible entry if it happened.