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...
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Last
$4.65 |
Change
0.170(3.79%) |
Mkt cap ! $395.5M |
Open | High | Low | Value | Volume |
$4.50 | $4.68 | $4.47 | $1.532M | 331.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 206 | $4.63 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.65 | 262 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 206 | 4.630 |
1 | 206 | 4.620 |
1 | 206 | 4.610 |
2 | 10206 | 4.600 |
2 | 1406 | 4.590 |
Price($) | Vol. | No. |
---|---|---|
4.670 | 206 | 1 |
4.680 | 1416 | 2 |
4.690 | 206 | 1 |
4.700 | 206 | 1 |
4.710 | 206 | 1 |
Last trade - 16.10pm 14/06/2024 (20 minute delay) ? |
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Last
$4.61 |
  |
Change
0.170 ( 2.41 %) |
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Open | High | Low | Volume | ||
$4.47 | $4.68 | $4.47 | 64875 | ||
Last updated 15.59pm 14/06/2024 ? |
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MYX (ASX) Chart |