pck chart, page-2061

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sabine

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12/12/19

18:25

Post #: 41939395
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Originally posted by Jamieevie ↑

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.

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Thanks Jamie - you seem to have a crystal ball perspective here!
Thank you for posting your very clear charts and thoughts.
As far as favoured outcomes go, I am sure many are with you in the preference for ‘option one’;

“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.

Hopefully there will noe be a speedy return to the 20s and 22s levels and the price can set off from there with renewed vigour rather than descent into that underworld of 15-16c

Cheers

Last edited by sabine: 12/12/19

PCK Price at posting: 18.0¢ Sentiment: None Disclosure: Held
9 Upvote

0 Great analysis

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