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Should see it down there.
Robs why do you think it will go that low?
Great contribution Rob. I think we will see a climb, had 3 days of rot , will turn soon enough.
I can see this rebounding a bit today and adding tomorrow with inflation figures and talk of a rate cut very soon. I think the lows are in. We shall see very soon. Bought twice now today. UK equities are very cheap and this is a golden opportunity for anyone who is looking for value. If it's too cheap then some company will circle to take it over at some point. All IMO. DYOR.
Jeffrey, I can see support around where Rob is calling. I also see that 442 ish is the 61.8% retrace of the rise from 23 Oct 2023 to 10th of Apr 2024 so I would agree that there is an area of interest there. Whether it's likely we get that low or not is another thing. Around 470 we're at the 50% retrace of the move I mentioned above. There was a bounce from the 38% retrace, which might suggest that the SP is respecting fibonacci retracement levels (but one swallow doesn't make a summer) in which case we might see a bounce around here. It doesn't look unlikely to me that we will get a bounce. That might be a bounce followed by further falls, but only time will tell
Thanks for the homework Stupmy! Your posting is more compelling than the SP right now.
Thanks Stille, I try to look when others express a view, but I have to say that comments like "Should see it down there." irritate me as they smack of arrogance. No-one can see into the future, but if you put the effort in you can take educated guesses with an increased likelihood of making money or losing less money. It really is worth doing the homework in my view, but it has taken me years to get TA amalgamated with my more general knowledge and training in a way that it contributes effectively. It's not a case of binary decision making. Or if it is, that's pure speculation with has elevated risks. I've tried in the past to explain my ideas etc, but inevitably I'm abused by idiots who can't be bothered to have a bit of think about things. Mostly these people are the ones who use snappy one liners like 'you don't make a loss if you don't seel', these are the people that 'man it out' and 'hang tight' as they lose their money.
Ignore those posters and continue to post your thoughts, please.
Many of us enjoy and appreciate hearing TA, especially those of us who are trying to improve our skills and understanding of this particular niche area, to try and get better at this stuff.
In my simplistic TA view, this is a confirmed break below the 200 now.
I am going to get interested if we see circa 450p (because round numbers like this seem to have an impact on buyers/sellers, so not a trend line number).
Of course, if for example the SP closes above that circa 483p level today and holds above it for at least a couple of trading days, then that might signal that the bottom is in. And I will miss the boat on a potential trade.
Feel free to shoot me down in flames...and obviously just an opinion...if I knew for certain, I would be typing this comment on a private island :) GLA.
Sorry - misread the dates on the chart - it is not a confirmed break yet. IMO, if it stays below the 200 today and tomorrow then it will be. GLA.
Inflation report tomorrow might give it a nice boost!!!!!!!
LWLH, I can't really shoot you down. You're making the effort to see through the clouds and to be honest, you're guess is as good as mine. What you say, makes sense. Round numbers do have an impact on buyers and sellers (I'd caution though they have a bigger impact on PI's than serious players).
For the moment, the sellers are struggling to take it lower, but there's no evidence from my point of view that the buyers are there in sufficient force to suggest we're about to move up. Spotting the potential opportunities is helpful, but at the end of the day, if you want to be close to the turn, you have to sit and watch the price action. To say this is boring is an understatement. But getting it right makes you a lot of money. If I bought now, my interpretation of TA would already have been successful as I've been waiting from 580. But I could still be a way off whatever the low is going to be. It's better to wait for evidence of a turn.
I do look at MA's LWHL and I do think they give you very important information. I favour weekly, daily and particularly 2h charts. For Fibs, the 61.8 retracement is frequently hit so Rob's view might have a decent chance of coming to fruition (that fits also with your 450 area).
There a few 'rules' (ideas?) worth considering. You probably know them anyway. One is 'price first' (basically a nod to the fact that indicators are derived from price and are therefore 'lagging').
I use the 61.8% fib (although not as consistently as I probably should). I use a number of other indicators such as the main moving averages, as well as things like the VIX, DXY and various commodity spot prices (the latter useful for some cases).
There are so many potential indicators that I try not to 'overdo' it, so to speak. I only have a certain amount of brain power and concentration span, lol.
And I still find it difficult sometimes to ignore the market and just trade the charts. Work in progress and looking to continue to build this knowledge and understanding - which is when these chat boards can be most splendid sometimes.
Thanks for your further comments, Stupmy. I will post here again if I take the plunge and if that day does not come, then GLA and I hope you make some good profits here.
Would love to know what all the minute by minute options trades are….this stock obvs now got BoA attention for very good reasons….hmmm…got to be brave to fight the algos