Punk I think your selling yourself short (no pun intended) with your knowledge of charts, the detailed response was very helpful and highlighted further areas to research. Thank you.
I noted the grey area of indecision (in the cloud) with the rise, and I know I shouldn't wholly depend on historical data but IMM has a tendency to retrace slightly and bounce significantly. On the trades, I noted the OBV was trending upwards but assumed the following 1) A large buy order had been placed and is being filled gradually or b) Lots of buy orders being placed. The impact of this was that individual private investors with larger holdings have At limit orders being triggered. Hence the buys being reported as sells.
All of which would support yourself and WH's synopsis. With this in mind thanks again and hopefully we'll see another rise due shortly.
a good question, wanton I think is a bit more experienced than I. You seem to have as good a grasp of charts as me so I'll give you my opinion but bare in mind I think we may be of the same level of understanding.
There are two perspectives depending on your inclination. 1 charts alone 2 charts and close observation of the tape the second is A LOT more subjective but should give a fuller picture.
In terms of the immediate you'll see from the above chart that the 7 day rsi is not above 70. I would expect that to go above 70 for a sustained rise. which it hasn't. So I'm not completely convinced yet.
http://uk.advfn.com/p.php?pid=chartscreenshotshow&u=WbapUtZaHLN6pyL5FAdqJI7HtqiRP7PJ4ri/uA+B76Q=&symbol=L^AAZ Here we are looking at the ichimoku kinko hyo chart. the circles are bull signals but weak as they occur underneath the cloud (coloured area) so the sp is in the cloud which is an area of indecision. If we break the top of the cloud and stay there this is a big positive. Wanton believes if we break that we will see a large rise quickly. That is the daily chart for ichi the weekly one (which I find more reliable) tells the same tale except it doesn't have the same weak bull signals. But the upper side of the cloud is around the same level so if we break .59 -59.5 things are looking very rosey.
So short term the charts aren't in complete agreement but there is enough to be positive
However I think charts can be even more powerful in connection with the tape. If you read back wanton asked for what the real spread was when you are making a phone deal. You see that 2 people offered the spread. Now look at the trades for the day you will see that actually there was some heavy buying today which is a different picture from what official spread suggests. So we have seen a strong rise followed by what appears to be heavy buying into a very small downturn. what follows is conjecture and very subjective but the way I read it and I get the impression that wanton reads it similarly if not the same. Those with money and one presumes are good at this game have put their money in here and are accumulating. this share and are potentially trying to shake weak holders ahead of further rises.
A questions for the chartists on this one: if I am reading the charts correctly we have breached the 50 & 200 moving day averages and have had an upside breakout (Bollinger) with volume increasing to reflect. So with this, MACD is displaying an upward oscillation trend which is all positive.
So the question is a) Am I reading this correct? and b) would we be expecting either further volatility upwards, or a narrowing of Bollinger and then a spike upward? or possible both.
Apologies folks but charts are not my expertise, I have been looking to investigate further and the increases y seem a prime opportunity to hopefully understand a positive move in IMM and charts a bit more.
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