Hi folks,
I thought some of you would have already posted their thoughts and charts? I guess ppl are scared to show their thoughts..... no need for it.....
This is IMHO only:
So, what a bummer....we have gaved all the positive gains we had... the chart was looking at charm at 9.5c at one stage and I really thought that Pennant/Flag was about to kick in.....
Reality check now..... Well, it did not eventuate...... short after the announcement, 1 individual had the requested cleared and very small parcels started to test the market depth as sells..... by mid afternoon, the parcels and quantities grown and it was a clear sign that someone is taking profit here.... I will not speculate on other reason for the sell.
Around 15:40pm, the panic on retail investors, T2's and other smallies took over... it's contagious.... If you have some experience on the markets... and have watched large corporations sell off... like Banks, Big Miners, Insurance companies, etc... you know what I'm talking about.... panic is contagious......
Auction time, the panic accentuated and only small parcels(small hands) could not take it anymore...desperate to fun for the doors... I believe most were the ones that bought on the announcement for a trade or quick profit....and got caught on the action.
Look, this is my take on the sell. I would rather a sell today on a NON sensitive announcement any day than if the "seller" decided to sell 2-3 days ago... imagine where the stock would be? say, the seller decided to take profits on Monday or Tuesday.... I can tell you right now that we would probably be seating at 7's or mid 7's.....
It is almost like it sold out to NOT disturb the market.....which is positive IMO.....
The seller also did NOT sell on a SENSITIVE ANNOUNCEMENT day..... it would have capped the run .... and perhaps it would have attracted even more sellers crippling the healthy advance run....
Well....it took profits... so what... as long as it did not damage the whole TA picture it's fine IMO....we all will take some profit at some point in time.....and so be it... move on... moving forward....
Now, this is my take on the chart:
It's a SHORT BLACK CANDLE... means not much in theory:
...."Theoretical performance: Reversal or Continuation
The 52% reversal rate is what I call near random, meaning you will probably not be able to tell the breakout direction ahead of time. "......
I MYSELF, believe that logically we will continue sideways... on consolidation... this is my first thought....
I also believe that our trend is intact looking at AROON indicator.
If I am wrong here... and we do resume on the bearish side run.... I believe it's a weak run.... Our support is at 8.4 cents at the moment... and I do believe that if sells won the day we would only hit 8.6 cents....
AROON: Aroon-up line was already at 100 yesterday. Aroon-down was at 25.... Today, when the stock hit 9.5 cents, Aroon-down went to 0(zero). which is ideal for the run.......
But, look it now.... it's still 100 - 0 .... so the TREND has NOT being affected here... IMHO.
STOCH: It has crossed back down after around 15:45pm.... and it's hovering around the same levels as Monday 06/06/2016.
I've said once and will repeat again.... life is full of surprises.....you never know what you will find tomorrow... so, if you did read the announcement today... think about it.....
DAILY CHART - below:
cheers
GLTA
T10
