Yesterday was selling by the professionals.
In my last post I said that I thought the pattern was similar to one noted previously & that it was yet to complete.
Well I think that the pattern has either completed or is about to.
The difference in the current trading pattern is that the sp closed back in the center of the days range with volume 1.5 times the 15 day average.
Whilst it has closed above the center down trending angle line it has yet to prove wether this is the end of a short rally or the start of a larger one which may take the sp back to the top of the downtrend line & around the top of the box at $0.16 - 0.17 area.
I doubt if there is enough interest by the pros at this stage to push it further. If they have wind of an imminent announcement then that will be a different story.
In the mean time the last 9 days trading range would have given them a large number at an average of $0.135 in which to make a good profit for the year. They would have been feeding the market yesterday to quit a lot of those.
That is what I think anyway.
PSY Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
