TA thread for those who like data

I’ve decided to start a dedicated TA thread for those who also use TA in their trading toolkit.. this is for technical discussion and sharing ideas.. It’s not a thread to debate the pros and cons of technical vs fundamental analysis.. please share ideas and not hate

Everyone has different interpretation of data, there’s no right or wrong.. What I post and analyse is my interpretation, I like reading others.. I don’t try to predict future SP at a given point in time, my interest is investor sentiment and it gives me a good indicator of where the sp action could be.. there are others that have that skill using nice lines and patterns and some here on HotCopper are very good at it..

Now that a new trading pattern has started and some more concrete data is available, I’ll start with my analysis from the last week and what I feel moving forward..

The volume churn was nearly 50% of SOI last week, that’s huge! What that tells me is the new support of 005 will stay for a while unless there’s bad news bears triggering stop losses..

Now you can see the sp trading spread which is confirmed through a number of indicators and that 005 support line.. I feel that the pattern will continue to trade +- circa 20% of the support line until we receive news positive or otherwise..

You can see the capping happening at the 006 point, what I thought was an exit strategy through cross trades was I feel an accumulation strategy, the current sentiment tells me this, if it was an exit strategy you would see a few indicators (eg sentiment and uptrend strength start to lose momentum)

What we now need is news and good news to continue the momentum..

All in my opinion of course..