PSY TA thread, page-209

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telamelo

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12/11/15

20:50

Post #: 16384253
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Originally posted by seagull ↑

OK here we are with another prediction for you to ponder over.
We had the reversal that was being signaled by the momentum indicator and the sp tested & held the $0.205 that was a possible support level if the sp retraced.

Todays close is below the center of the current box B.
The usual outcome of these boxes & their trading patterns is that they have always retested the base of the box at some stage before breaking up or down.
This time may be different & there is no way of telling if or when it will occur. If it does again then I hope it does it now & not later so that the breakout from the flag pattern can continue & fulfill the expectations implied by that pattern.
Every box drawn so far has retested its base at least once after entering the new box so I like the odds of it doing so this time as well.
It can also be seen that there is a rising trend line & a falling trend line that intersect at $0.20 and should come into play tomorrow if it to be a factor in this move. The base is $0.195.
I would therefore expect to see the sp hit the $0.195 - 20 level before resuming the up trend & validate those trends.
The days volume was about 1/3 of the previous days so has not been a major sell off.
Today may even be a reset day for the trader's who want to hold going into the weekend in anticipation of a run next week.
Be happy.

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Thanks very much seagull for your input and effort involved - excellent work indeed!

Cheers tela

P.S. Helps us all recognise and better understand charting patterns and subsequent share price behaviour (as this explains market sentiment in a given stock/possible trading behaviour etc.)

P.P.S. Sort of validates what I had alluded too above in earlier post as well....

PSY Price at posting: 20.5¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 1.1¢		Change 0.000(0.00%)		Mkt cap ! $2.796M

Open	High	Low	Value	Volume
1.1¢	1.1¢	1.1¢	$527	48.36K

Buyers (Bids)

No.	Vol.	Price($)
5	700099	1.0¢

Sellers (Offers)

Price($)	Vol.	No.
1.1¢	613427	3

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No.	Vol.	Price($)
5	700099	0.010
1	100000	0.009
2	190682	0.008
1	200000	0.007
1	300000	0.006

Price($)	Vol.	No.
0.011	613427	3
0.012	167832	2
0.013	17679	1
0.014	72810	1
0.015	259228	3

Last trade - 14.29pm 11/11/2024 (20 minute delay)

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PSY TA thread, page-209

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PSY TA thread, page-209

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