Didn't think it would happen the exact next day after posting the above chart but yesterday's drive into the demand zone on high volume was exactly the sort of climicatic selling action which I was talking about - see the higher volume. My favoured set up from here would be to retest the supply zone around 20-22c where there should be a large amount of supply now waiting looking to get out, it will often retest the lows as a secondary test to confirm buyers are stepping up (creating a divergence in the channel), and is the lowest risk point of entry. An alternative is that it breaks the support and retests the demand trend line again around 15-16c but this would be a shortening of the downthrust and show demand starting to absorb supply and increasing the chance of another rally attempt.
PCK Price at posting:
18.0¢ Sentiment: Hold Disclosure: Not Held
