RAC - Charts & Price Action, page-20244

First 20244 Last

Share
Profile

Follow
mcmurraj

654 Posts.

35

27/03/24

15:03

Post #: 73085221
Share

Originally posted by slick: ↑

This is just my opinion and aimed towards those that trade by bollies.

IMO you won't see higher SP's than 1.53 until that lower bollie resets and here's why.
The day the SP broke out at .88 cents, the bollie bands expanded in a huge way. Now while that expansion is still going , the SP can always keep rising. But once that lower bollie begins heading north (circled red) it means that the bands need to reset and the SP won't rise until the reset is complete.
Now this event doesn't mean that the SP will retrace immediately, it just means that it ain't going to go higher. Only an announcement that knocks TA out of the park will change this IMO.
So there's 2 things that can happen, either the SP retraces to a 50-62% Fib level or the SP can dance sideways while the resetting takes place meaning that there's still demand there. I think holders will hope for the latter option.

Just for those playing at home. I know it's easy after the fact but the perfect entry was the blue circle but the special part is that MACD gave 2 days warning as a heads up. Keep it in mind.
But the opposite of that is to look at what MACD is doing now (yellow circle). Keep an eye on it.

We're all here to learn
Cheers.
@Mason14

Expand

By "reset" do you mean get back to a more or less parallel position?

RAC Price at posting: $1.40 Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

Time for retail therapy buying in the shopping Scentre for hot stocks

SS1

Sun Silver submits US$60M Silver Paste Funding Application to US DoE

ASX200 dives as inflation clocks in at 4% – higher than 3.8% consensus

Eurozone-based companies find new ways to secure a regional lithium supply

End of FY is a time to juggle wins, losses and capital gains taxes