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3,043.4 s&p/asx small ordinaries

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paddington bear

18,078 Posts.

7924

21/07/14

08:36

Post #: 13687851
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Originally posted by Jako64 ↑

The Iron Ore chart is a bit suspect at the minute and could go either way.......
However, I lean towards the upside a little, as it may well be being absorbed.
Resistance above is at ~110

That said, the AGO chart is a little interesting
It has formed a little trading range for a while now,
and the last downwave, although still incomplete, is suggesting it is being bought (accumulated),
there has been 15.2mil shares sold into the latest downwave, which when compared to the previous recent downwaves of
5.5mil, 5.4mil & 9.9mil, should have been easily enough supply to make a lower low.....but it hasn't, or couldn't.

And while incomplete so far, and could still fail, it is looking a lot like a potentially bullish E/R failure is setting up,
as a lot of effort (as seen in the heavy volume) has been put in,
and the result (or reward) for that effort is less than would reasonably be expected (as compared to the earlier selling waves).

Resistance above @~61cps, current support @~58cps

cheers

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Jako - beauty is in the eye of the beholder.....my iron ore chart came of a bit on Friday and broke the uptrend of the past month or so. Needs to hold 95 otherwise it will start another leg down. I'm just a wee bit nervous on it.

XSO Value at posting: 2,201.9
2 Upvote

0 Great analysis

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