TA discussion, page-4857

After a period of 5-6 weeks of consolidation with a narrow price spread there was a good chance that there was going to be a breakout one way or another at 4C time. Volumes had been falling which is typical of this sort of stalemate.

After the 4C unfortunately the bears took over on Wednesday at the outset driving the SP down to 47.5 cents twice and continued until about midday on Thursday when the bulls started to gain momentum, the hourly MACD turned positive  which continued progressively through to the 50 cent close on Friday night.

Bots moved in on Friday afternoon and there was steady centrepoint accumulation going on at 49.75 cents so we have a pair of heavies swapping holdings. Hard to say yet whether this is about trading or investing based accumulation by someone just yet. Pinto jumped in and gave the 50 cent close option a bit of a shove in the right direction so thanks to him. The volume movement on the hourly was really useful in clarifying who was in contrlo at the various stages.

Whether this is the start of a new up leg is not clear just yet , signs are good and it would be good to see more positve price action to get 50 cents locked in again as support. There were two false breaks above 50 cents on Friday afternoon, hopefully more to come in the form of a break above 50 and a retest which holds.

The hourly chart proved useful, gave a better insight as to what was going on progressively under the covers. I have posted both the hourly and weekly below with the start of the last 3 days highlighted with arrows on the hourly.

Hourly

  
Weekly Friday April 28th