Well, that had to happen, yesterday's bar I mean. We were either going to go sideways following that climatic sell off or accomplish a remarkable reversal or do what makes sense - come back up to challenge a very strong resistance area (given by that area around 30) and either penetrate it or pull back.
So no surprises and from what I can see no big drama, the best part is the support given by that large green/volume bar back in May (labelled A), because it could have dropped a bit further to that open window area and the second best part is that yesterday's bar is on low or below average volume, in fact if you look at the hourly chart that confirms there was very little demand for the stock yesterday.
That confirms that the "big" guys will not buy into that supply area above 30 just yet, or at least yesterday so maybe a bit more sideways or even a trading channel might evolve till some of this supply decreases. One thing that the market could do is gap up and over that 30 area to entice the holders to the left to not sell - but that's another story and no chart or chartist can predict the future. Looks OK to me anyway.
WTM Price at posting:
27.5¢ Sentiment: None Disclosure: Not Held
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