As redbacka is absent with some internet issues, I'll put my hand up and do a generic thread that can be used for a few days if required.
News for Today (AEDST)
Friday week ago Price moved higher on a sharp increase in volume (value traded), which I have marked, at the time it was not completely clear what the intention of that high volume was.
Following that on Monday and Tuesday last week, price came off a little but remained within the range of the previous Fridays bar, so at that stage it was still unclear whether that high volume was 'good or bad', although as price had not accelerated away (higher), there was some suspicion that it could not not be all that good......
Then on Wednesday last week, price broke sharply lower, breaking down through the line drawn across the low of Wednesday 5th bar (@5481), This finally confirmed that the high volume seen on Friday the 7th, did indeed contain selling pressure.
Interestingly there is a weekly line coming through @5440, which now serves to complicate the chart at this juncture.
Weekly lines are 'generally' stronger than daily lines, and this strength can be seen in last Thursdays bar and Volume. Last Wednesday and Thursdays volumes are very similar in value. However the range on Thursdays bar is much much narrower than Wednesdays bar, this suggests that some support was coming in, and showed an attempt to defend this weekly level. In turn price was not able to take as much ground on Thursday, as it did on Wednesday, with the narrowing of the spread on Thursday being the result of the support coming in.
and again on Friday last week that support showed up, price dipped well below the weekly line during the day, but recovered that line by the close, and finished slightly higher for the day overall.
Now with all that said, the daily breakdown is there and will not go away, so it does need to be respected, and although some support can be seen coming in at that weekly line, until it can recover the breakdown line, the odds would remain just slightly with the downside, possibly looking for a failure @~5481 (the breakdown line).
Don't be surprised to see some sideways action for a day or so, with continuing support attempting to hold price above 5440, and selling pressure coming in above 5481.
(20min delay)