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I agree, it looks more and more like a re-accumulation is going...

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Jako8557

19,112 Posts.

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09/10/17

22:56

Post #: 27777228
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Originally posted by Beany72 ↑

My thoughts are it has been accumulating the mark up that occurred just before it raised capital. I think it is accumulation because of the supporting nature in the bars. However it could be distribution because of the lower high? The mark up started just after it hit the 61.8% fib retracement as well. It has managed to stay above the raising price and also handed out a 3c dividend as well since the mark up. Volume has slowly dried up as time has gone by. Just recently it has put a couple of up bars in that have gone up on minimal volume. However I don't see much conviction in the upwards move and therefore don't anticipate it to break the upper limit. If it did I'd be looking for a entry on the retest. Are you thinking along the same lines?
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I agree, it looks more and more like a re-accumulation is going on.
Actually it is starting to remind me quite a bit of what the price action looked like on PLS and AJM a month or so ago (both of which also went through the re-accumulation process recently, just below their previous highs.......they took a decent period of time to complete).

cheers
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