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seagull

4,508 Posts.

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27/09/17

13:55

Post #: 27490545
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Originally posted by seagull ↑

@Akdjnr
This the updated chart since my initial post.
So far the sp has since retraced and has reached the 62% plus a bit Fibbonach retracement off its highs.
The low so far in the retracement has been $0.038.
The short term stochastic (5,3,3) has now dropped below the oversold line. The stoch is now narrowing again & reversing toward its mov avg. The volume today appears as buying at this stage. If the close is at or above the 62% line then I would expect to see a rally starting from the next bar (tomorrow)

The weekly chart (at mid week) is still looking quite bearish as the current close is very near the bottom of the bar. My out look for that is unchanged at present.
In its favor though is the wkly volume is so far very low relative to the last four weeks.
A close up around $0.040 or higher for the week would be a positive sign.

View attachment 747030

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My apologies that should read...
"The low so far in the retracement has been $0.385"

BGS Price at posting: 39.5¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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