Hi RainmanHope your travelling well.Because of your post I...

Hi Rainman

Hope your travelling well.

Because of your post I thought I would take another objective look at the weekly charts as the Kinetic sell off seems mostly complete.

In this viewing I am looking at the chart as if it had no company name attached and knew nothing of the history company.

Just a chartist view and here is what I see.

* Overall there is a significant downward trend evidenced by the falling 10WMA (green) and 40WMA(red)

* however there are some signs of life.

* I have a A-wave downward FIB from 2.00 to 1.135. A 38% B-wave upward retrace. The C-wave downward extention has a recent low at 0.735 which is about halfway between the 38-50% FIB extentions. Not frequent but not uncommon to complete a downwave..A 55 to beyond 61% extention means that there is something seriously wrong with the company.

* weekly RSI(5) got heavily oversold down to 12. That sort of means that the downward trend was overdone.

* MACD has been negative for a long time (bearish) In the coming weeks to proclaim a trend change the MACD needs to turn positive. This is a very strong indicator of a bullish market.

* weekly hi-lo candles cutting across the 10WMA is only a mild signal. Weekly candles trading entirely above the 10WMA is bullish (MACD will be positive when this happens). Next signal will be for the 10WMA to turn upwards.

However the market hasn't turn as yet. I have used some upward FIB's using arrows to show what a bullish trend could look like down the track.

However DYOR.

cheers Lies