WKT - Chart, page-1657

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MaxAction

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25/09/19

21:12

Post #: 40575086
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Originally posted by Cabbie: ↑

A bit of to and fro which I won't get involved in - but - charting I will get involved in.

WKT - I've left my smiley face on that bar of the 11th of Sept. because that was the one that indicated change was on the way, when I looked back on it last night there was another clue. Just prior to that bar we had a series of bars which I've grouped and labelled "stopping volume". That is where we see the "makers" hard at work to cease a decline, they have been buying all the way down and are ready to slow the decline, they want the last of ready supply.

The bars have small spread and increased volume until we have a climatic event when a bit of nerves jumps in as well and says "we don't want it anymore, we are out". The makers have won (they always do) - there is now little demand for this stock.

The makers are now happy, they respond with our "smiley" bar. We know it's them by the volume. They are back in business and for the next few bars we see them accumulate.

Bar 1. This was a worry bar, I couldn't be sure whether retail got carried away or the pro's (makers) were ready to let it move up and were buying. Eventually I had to decide it was the makers - retail would still be apprehensive and only pro's have that volume.

Bar 2. This pullback was guaranteed, the only decision was who was doing it, confirmation comes with the spread and volume, they don't support each other and the market as a whole does not join in. We have a few nervous holders/buyers taking the opportunity.

Bar 3. Today, confirmation that buying is continuing, spread and volume agree but I have noted a reservation on the chart.

I'll stop now because it's becoming wordy and hopefully all is explained on the chart.

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***Bar 1. This was a worry bar, I couldn't be sure whether retail got carried away or the pro's (makers) were ready to let it move up and were buying. Eventually I had to decide it was the makers - retail would still be apprehensive and only pro's have that volume.***

@Cabbie in this paragraph above you mentioned “makers“ twice. Could you please elaborate on the term!
I Qoriginally thought you were talking about Market Makers, like IC Markets, IG Markets or CMC Markets, however I‘m not so sure anymore, if that is you interpretation of makers.

Last edited by MaxAction: 25/09/19

WKT Price at posting: 27.5¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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