I assume most traders/instos would look to offload into golden cross volume.
Retail piles on Golden Cross, coinciding with SP going red overbought - SP whipsaws. Eager retail waiting for few % 'dip' = lots of buyers on top to offload into.
As profit taking pushes SP down, those buyers on top start feeling the pain and stop losses start getting triggered.
Before you know it SP is down 20-30-40% of the tip retesting 200EMA or supports wherevthe move started.
Increadibly high rate of Golden Cross trade failure within 1 or 2 days and large whipsaw move on downside. (With stocks that have risen sharply prior to Golden Cross)
I think that's what's happening here.
PLS chart, page-303
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 (20min delay)
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Last
$4.07 |
Change
0.010(0.25%) |
Mkt cap ! $12.24B | |||
| Open | High | Low | Value | Volume |
| $3.96 | $4.14 | $3.94 | $56.44M | 13.90M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 97523 | $4.07 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.08 | 17432 | 4 |
View Market Depth
| Last trade - 16.10pm 01/05/2024 (20 minute delay) ? |
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Last
$4.08 |
Change
0.010 ( 1.18 %) |
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| Open | High | Low | Volume | ||
| $3.95 | $4.13 | $3.94 | 4224888 | ||
| Last updated 15.59pm 01/05/2024 ? | |||||
| PLS (ASX) Chart |