Apologies in advance for all the lines and clutter on my chart below, but I was looking at a few things others might see. I don't use Fib retracements or extensions for example, but I'll have a look at them anyway- and some other indicators, to get a feel for what kind of entry points and levels others may be looking at and reacting to. After all, if I see a great big obvious short entry signal I hardly want to be buying right then when there's a good chance there's about to be a whole lot more supply hitting the market. And the opposite is true- when most of the indicators are showing oversold and hitting the bottom of the Bollinger Bands, and right near a previous support level, then it's not an ideal time for a short entry, and you can see the volume start to dry up and then it's a matter of waiting for a long entry signal...just like what is happening right now.
So for a bit of fun I've highlighted a whole cluster of levels that people might be lying in wait for a long entry or short cover. Nothings guaranteed of course, but already we've seen how the micro-gap acted as a magnet and everyone could see it and how close it was. But many will see the next key support below a little bit differently, but almost all somewhere between 0.50 and 0.53. So where might this buying kick in strong enough to stop and reverse the price? How would I know?- it's not a crystal ball I'm driving here!
But I'm going to have a guess anyway. I think 0.53 is the next strongest support below and price will poke it's nose below to 0.525 and then spring back up through the micro-gap (or where the micro-gap was). Well that's if it drops at all- it could very well start another rise from precisely where it sits at the moment. Any other theories?
Good luck all...
- Forums
- ASX - By Stock
- MYX
- TA - Chart MYX
TA - Chart MYX, page-152
-
-
- There are more pages in this discussion • 18 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MYX (ASX) to my watchlist
|
|||||
Last
$3.97 |
Change
-0.040(1.00%) |
Mkt cap ! $337.7M |
Open | High | Low | Value | Volume |
$4.02 | $4.04 | $3.94 | $340.6K | 85.41K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 60 | $3.96 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.99 | 5449 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 500 | 3.970 |
1 | 500 | 3.960 |
1 | 500 | 3.950 |
3 | 2342 | 3.940 |
2 | 628 | 3.930 |
Price($) | Vol. | No. |
---|---|---|
3.690 | 21 | 1 |
3.760 | 21000 | 1 |
3.780 | 620 | 2 |
3.970 | 410 | 2 |
3.980 | 500 | 1 |
Last trade - 16.10pm 14/08/2024 (20 minute delay) ? |
Featured News
MYX (ASX) Chart |
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO & Managing Director
Charles Armstrong
CEO & Managing Director
SPONSORED BY The Market Online