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PS.
Before that 164 is possible the SP first has to reach out to what is currently 162.
Since this retrace commenced in late June, the SP has only ever kissed the dominant downtrend (upper line) in what I term as the short-term trend. And that was just coming up to mid-August, where it kissed that line but never closed above it. Back then that was sitting @ 177/178.
That same line has now descended to 162, and just as back then, in all that time from late June to currently it's only ever been kissed the once, and was quickly rejected from progressing further.
So taking 162 prisoner would be a positive, even if it took several days more, afterwards, to attempt an assault 164.
What the SP has done, is hug the weaker lower trend line all the way down. Currently, it sits in no man's land, halfway between that lower trend line and the upper stronger (lunar month) trend line that is now 162.
So halfway there on the screen; neither up nor down.
( Concludes - > )
. . . All in all, It's heartening to see the 50% Fibbo level of 150/151 stand its ground, as the bears couldn't even kiss it. (152, I think, was as much strength as the bears could muster).
However; much as I want to top-up, I am forbidden to do so by my self-imposed terms of my chosen strategy, and that is to only ever top-up once the trends have crossed to the upside. So if we have seen the floor of this retrace (October, the start of better conditions for BT IMO, is only a little over week away) then I can't gamble, but must wait for my short term trends to cross to the upside, they too like the indicators, look like they are slowly turning & looking slightly upwards.
All-in-all a potentiality for the better.
" Mentions a level of 164 as being that of change of trend
Thoughts Velo? "
---------------------
Hi Ally,
Double-edged sword that 164. But I broadly agree with the media analyst.
( Noticed before when he's freelancing on other sites that his and my procrastinations usually tie up in alignment. His view is usually my view, and my view I then afterwards often read him spouting similar views).
164 is merely the 38.2% Fibbo level.
At the moment it may act as resistance, and slap the SP back down; but should the SP hop over it, then his assertion that the SP owning the space above 164 means the SP is no longer, as he comments "likely remain in a bearish down trend", but will instead become as he says: invalid.
And 164 would then reverse polarity and act as a support just like the 150/151 area has done.
Broadly agree with him, but prefer the trend lines to have crossed to the upside, and if they haven't & should 164 be taken by the SP, I would be holding my breath until the trend lines did cross to the upside.
So, some pointers if that's feasible:
* All indicators are twitching, and rising from slumber; some of the early birds are up and away already, but more confirmation needed from the others, as seen these false positives before.
* The first of the flibberty-gibbet trend lines have crossed to the upside into bullish territory. But bear in mind that trend is very hyper, and easily led astray.
(The short term trend line; my weapon of choice is, as the analyst says still bearish, although I see he's using trend lines that are closer to intermediate level, so tougher to get them to swing round at the drop of a hat as they're still bearish too - but that easily led-astray Ultra Short Term Minor trend is already away flying with the larks)
* That extremely high Daily Trading Volume was bullish as seen on last Friday
- was so high-volume, that had to go back 5 years to find a greater volume day
- back to v early 2017 and that was a bearish volume, so would need to go back further to find a greater volume that was rated bullish.
And what's being seen now, appertains to Fleccy's recent posts of large Total Volume, off book volume and my assertion that it would all be picked up by the MM's in adjusting the SP "eventually".
Continued buying is feeding through from that mega volume day, as what a jump from sliding back to mid 154/5's the other day to now knocking on the door of the 160's :)
* Finally, after dithering and dallying, the extended Oversold Condition has slowly been easing up out of it, now heralds bullishness (usually) thus terminating that condition and is making good progress away to 'normal' trading channels and away from extreme ratings.
I did post the other day that terminating Oversold Condition usually results either in a temporary uplift or becomes strong enough for a trend reversal. (They're best acted upon in a generally "long term" bullish stock).
All in all, It's hea
(Concludes next
Yes some, Ally. Try and get free in next hour or so.
PS. Surprised no one commented on the SP up in the 160's for awhile yesterday.
Mentions a level of 164 as being that of change of trend
Thoughts Velo?
https://invezz.com/news/2021/09/21/bt-share-price-forecast-amid-the-dazn-bt-sports-bid-rumours/
One-off dividend from sale of BT Sport, I’m not too sure, best to reduce debt and or offset cost of Fibre rollout. But I wouldn’t say no. Also they think DT bid is a goer.