RAC - Charts & Price Action, page-5900

Been bush all this week, so have been watching from the side lines and everything has played out as expected.

We closed last Friday at $3.20 and have traded over the last 3 days with lows between $3.16, $3.15 only to close today at $3.28. As I said last weekend “ongoing trading could see the price drift lower in the bands”. Hope everyone enjoyed the accumulation opportunity.

Volume and volatility has also remained low as the Bollinger band has squeezed further.

We continued to trade around the Bollinger Average all week and as I mentioned last weekend things have been quiet.

Two things have happened this week that were not on the chart last week.

1. The Bollinger band has squeezed further

2. The upper Bollinger Band has crossed into the Keltner Channel.

The cross-over could signal that a new move upward is in the making.

This would only be confirmed with higher volatility combined with solid trading outside the Bollinger Band and a strong close outside the Band.

The first step up will come when it is lest expected, so mostly next week we will see further accumulation as the price keeps bouncing along inside the Keltner Channel, with the possibility of a price spike to keep us on our toes.

Things are looking more interesting now.



All the Best

FireflyOne
The writer's opinions are his own and do not constitute financial advice in any ways.Nothing here constitutes an investment recommendation nor should anything written here or published by myself be relied upon for any investment activities.I strongly recommend that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.