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" But today’s move....surely it was driven by new information I.e a broker upgrade and not old & priced in info I .e tech analysis?? "
It didn't predict today's move huge bullish move (Although Relative Strength moved encouragingly up by close on Monday night) but when I first saw the newly calculated resistances for today, I did think they looked a whole lot easier for Tuesday. But didn't post those as had to leave early for the day, so one small post :am And one at close, from a car park.
It did however (after last Friday's close) give IMO, a potential handle of price areas containing worse case probabilities to expect for the downside which more often than not give a vicinity/area of where the price "might" have difficulty in sinking past - and on this occasion (Monday) it was perfectly acceptable and gave me a sane grip on the day. I felt comfortable and in control. Without it, you're left with gut feelings and I'd rather not trust emotions for effectively what was day trading.
On Monday the SP intradayed as far down to 94.odd+ for a moment or two, and then spent most of the day up at 97-ish or so before closing at 98.
I had posted that one method had suggested a first support of 96/95 (the first was before Monday opened, the second price after the opening price was pumped in).
Also the traditional methods threw up **strong support** at 96 and if bears were really strong then another waiting down at 92.
There are more below those, but weren't delved into as they looked longer term for deeper retraces - if that was to be, as the week develops.
As it turned out (and call it coincidence or luck if you prefer) the pivot points support of 95 and the traditional support analysis at 96 were sufficient to give the transitory feeling of being in some sort of control as that's the area-ish that the SP actually played round about, for a lot of that day.
Some claim their gut feeling tells them pretty much the same. Unfortunately for me I have no such gift. It turned out well on this occasion but it's not over. Is this big bearish push dead or just pausing? Or will it return in weeks/month/s ahead? The long term trends suggest it will return in the longer term even if it's defeated this week.
But who knows for absolute certainty?
I do try to talk around the charting side of investing when on forums, but it creeps out unbidden. Whilst the fundamental analysis side of me goes down much better with others, here on this forum.
I do hope I don't come over as thrusting this stuff down the throats of others; and I do appreciate that fundamental based forums are not the place for expanding on such stuff.
If you hang around long enough you're sure to see me pontificating on balance sheets metrics et al. No chart talk involved then :) -----------------------
*** Strong to me - but to date BT has for years, shown that it eats strong supports for breakfast.
Well what a fantastic finish to an absolutely brilliant performance today by BT!
Have they done enough to see of the current bear attack?
Consider: Monday, the SP couldn't travel past the very first support but finished beneath it, with no supports breached at all, but still it closed below the pivot point.
Was unsure with it being only half of Friday's volume whether that was indicative of waning bears.
Got the answer today - and how! When I first posted this morning I was appreciative of the fact that the SP had already breached one resistance level (where Monday the bears could breach not a single support) and was posting as it lay right on the second support, but by close had breached it to finish the day, having legged it, clean over not one, but two pivot point resistance levels. So kept shtum on the breaching of one support and the kissing of the next, didn't want to hex it :)
Perhaps of no interest to some (but I like playing with them) these mechanical pivot points are not as reliable as actual visible supports and resistances. So you won't be surprised for me to say that the bears have, on the face of it had a damn good thrashing today. Now - will anything come of it?
I'd say go for it, but need to wait for yet another day for confirmation, as yesterday the SP did weakly lie bearish, but with volume today above the long term average - and greater than Monday's volume (but less than Friday's), I'm holding to expecting a growing bullish outlook, despite being a little confused over the rapid changes. The relative strength is virtually at normal, feeling pretty bullish. Things happen so fast don't they?
Ooh it's whipsawing fighting to cling on to 106. After hours updates about done. So close on 106 and it's a done deal. When I get in tonight pretty sure it'll be a case of a droll flat voice ssying: "The computer says - yes"
Tied up for the rest of the day, so can only glance once or twice now and then, but the bears are clearly struggling this morning. Daren't think what might or might not come in the afternoon. But right now if it were to close in this area, then I'd take it as a big positive towards recovery from sub 100.
Day's too young to write the bears off just yet, but this is a magnificent intraday % recovery, currently.
And very significant. Very. Won't tempt fate by saying more.