Australia's largest stock trading and investment forum Australia's #1 stock forum

Wyckoff trading method, page-2275

First 2275 Last

Share
Profile

Follow
gypaetus

1,572 Posts.

93

08/11/17

02:18

Post #: 28588062
Share

Originally posted by Jako8557 ↑

Any thoughts on the A2M chart ??

I see on the stock thread they are looking for decent support to come in at 6.70 (which was the low of the high volume widespread downbar last week).
And most expect this will be a relatively brief pullback, before the uptrend continues.

Personally, I feel that nasty downbar may have done some serious damage to the uptrend.
It was very very high volume.
It seems someone, or some group, has started to unload, or has already unloaded, a pretty large position (for whatever reason) by the looks.
Just how this will affect other large holders, remains to be seen (will they absorb this supply, then take the stock higher, or will they now be encouraged to also sell their positions). I mean, it might overcome the damage......but I reckon it will take some time to repair.......

I don't expect much support to come in around 6.70, in fact if the low of that downbar gets clearly taken out, that will be a secondary breakdown in my book.
I think there might be some minor support around 6.50, but nothing really strong.
The stronger expected support levels are around the 6.00 level I reckon, and then down around the 5.00 level.

cheers

Expand

G'day Jako

To my eye it started running out of momentum around the $7 mark.

It's interesting when you compare the NZX chart particularly the volume on 1/11 - nowhere near the same spike as on the ASX.
2 Upvote

Reply