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A really important day today, recovering and holding above 66p.
Although the threshold reporting shorts are not significant by normal volumes they are in terms of the free float.
If the market continues to believe that the worst is over for inflation / interest rates then an environment where we have a key shareholder adding and shorts reducing, competing for an ever reducing amount of shares on offer, may see this recover strongly.
MCG does tend to drop and recover in exaggerated leaps largely due to the lack of free float. Lets hope that this continues. Agree with Prowler that historically the next test could be 80p-100p if inflation expectations are met next week.
Liontrust dropped 1.5% yesterday. Wonder who picked those up?
Maybe they drop another Monday morning with someone increasing.
Wishful thinking.
But it's been strong today on a red day which is encouraging.
And let's hope and pray that cpi falls as expected next week and could be a trigger for small/midcaps to start properly recovering.
👀🍿…… next few weeks could get interesting
Three white soldiers 🫡
https://ibb.co/YT9LJWP
https://www.ig.com/uk/trading-strategies/a-trader_s-guide-to-the-three-white-soldiers-candlestick-pattern-200218
We have 12 white soldiers here. This has closed higher every day since hitting the new low bar yesterday!
Hindy, not to ruin the party but on your chart it happened in December too.. i am no chartist though so may be reading this incorrectly
Kg no you want it at the bottom of a downtrend the candles should have certain characteristics to they have to have opened within the previous candle and finish near session high with very little wicks.
Because three white soldiers is a bullish visual pattern, it is used as a potential entry or exit point for a trade. Traders who are short on the security look to exit and traders who are waiting to take a bullish position see the three white soldiers as an entry opportunity.
When trading the three white soldiers pattern, it's important to note that the strong moves higher could create temporary overbought conditions. The relative strength index (RSI), for example, may have moved above 70.0 levels. In some cases, there is a short period of consolidation following the three white soldiers pattern, but the short- and intermediate-term bias remains bullish. The significant move higher could also reach key resistance levels where the stock could experience a period of consolidation before continuing to move higher.
Limitations of Using Three White Soldiers
Three white soldiers can also appear during periods of consolidation, which is an easy way to get trapped in a continuation of the existing trend rather than a reversal. One of the key things to watch is the volume supporting the formation of three white soldiers. Any pattern on low volume is suspect because it is the market action of the few rather than the many.
To combat the limitation of visual patterns, traders use the three white soldiers and other such candlestick patterns in conjunction with other technical indicators like trendlines, moving averages and bands. For example, traders may look for areas of upcoming resistance before initiating a long position or look at the level of volume on the breakout to confirm that there was a high amount of dollar volume during the move. If the pattern occurred on low volume with near-term resistance, traders should until there is further confirmation of a breakout to initiate a long position.
What Is the Best Timeframe to Use the Three White Solders Chart Pattern?
The effectiveness of the three white soldiers chart pattern can vary depending on the timeframe used for analysis. The best timeframe largely depends on the trader's style and risk tolerance. Generally, the three white solders pattern is often considered more reliable on longer timeframes such as the daily or weekly charts.
https://www.investopedia.com/terms/t/three_white_soldiers.asp
Hindy, thanks for the providing some colour, it makes sense now.. looking at the simple MA50, we are above it and RSI under 70, we should have some legs to go up further if macro complies and even without any positive news flow, we should at least be heading back towards 90.. i am slightly disappointed that no more stake increase by cosmens could only mean they were increasing to detract potential bidders and are now just happy to bide their time