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RNI

516 Posts.

02/10/14

23:03

Post #: 14068127
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Originally posted by mitta3 ↑

Thanks Naish, I've seen some of your charts on this thread, not bad at all.

Had promised RNI from awhile ago and today bluesmoke for a LNG chart. I realise that this thread is FA, so will keep it brief as I realise that most don't care about TA. Will not waste your or my own time.

Two charts, one gives an overview which includes a snapshot of the area analysed in the second. The entire point of this chart was a hunch of what appeared to be weakness building.

On the chart below starting at the area of high volumes (1). All good way down there, increasing volumes on the rise which included a rising share price.

It then gaps higher on huge volumes to (2). ...........goes thru a period of absorption, which the price retraces (fills gap) on reducing volume/spreads .... offers the perfect entry test bar.

Immediately after the first test bar, volume/spreads mostly start to increase with rising share price.

Huge spike of volume just before that area of weakness (3) .... sign of weakness with attempting to break out on small spread and reducing volume..

After (3) again retraces back down into an area of prior strength ... note that it settles mostly in line with that bar (2) ... it then offers a second perfect entry test bar

Price and volumes then meander higher up to that break out (4) ...... note how small its spread is and also compare its break out volume with that of the area (3) and bar # (2). getting smaller hey.

The very next bar after (4) is even smaller in volume and spread .. ahhh

It then kicks higher but the volumes actually decrease ... ummm

leading up to #(5) which is a general sign of weakness ..increasing volumes on a down bar.

In summary, if one did not compare the present breakout volumes with what it has done before all may not have been noticed.

Expand

Thanks so much mitta for taking the time to do the charts......really appreciated and I can see you are very experienced with charts.

While I only have a limited understanding of charts, I can see clearly what you were trying to tell us regarding the reducing volumes developing which has been proven to be correct. One question still.....you have drawn a line under the low on the 6/8 which was at 3.23. Is that a possible further drop point LNG could go to if this continues?

LNG Price at posting: $3.74 Sentiment: Buy Disclosure: Held
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