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I find it very strange that poster spend so much time talking up or down a share due to the fact retail trades are insignificant & retail buying & selling does not move price. In fact buying / selling pressure does not move price full stop & this can be seen when price moves lower or higher with low volumes traded.
NVIDIA? IMO If price retraces to 275 to 285 then a long entry could be considered but would depend on the price action @ that time. Price may only go as low as 350 which wouldn't be enough of a retracement for me to consider a long.
Bullish traders will indeed expect a reversal on Thursday but some greedy traders looking for a long entry will want an additional discount & will be hoping for price to print lower (33.90 level) before hopefully moving higher!
I must say I do like BOO - There's never a dull moment with this share!
I mentioned the 34.50 level in my post on the 31st August stating hypothetically I'd be a buyer below that level.
JeremyP is correct in stating the FIB factor & there are other factors which make this level interesting.
On the 31st I also mentioned the 35.30 level being 'support'.
Some here will find the following interesting & confirmation that totally random supply & demand & buying & selling pressure doesn't move price!
The mean price printed on the 5th September was 35.40.
The mean price printed on the 6th September was 34.49.
I used Yahoo Finance average line tool to determine the mean price for each day.
If random supply / demand moved price then this level of accuracy (within 0.3%) wouldn't be possible.
PP - I agree! Price moves to pair buy & sell orders or vice versa. The MM algos don't know where the orders are but moves price to where it thinks the orders will be sitting (above old highs & lows & other levels of interest) & this is how liquidity is maintained. 100%? Off course not but one can anticipate where price is more than likely to want to reach for than not.
The market is not random & more buyers doesn't mean the price moves higher & price moves for liquidity reasons & to ensure price is efficiently delivered.
I mentioned on the 31st August 'The 35.30 level is also one to keep an eye on & this level may well act as support' & all morning price has printed above this level. Price levels can be accurately predicted due to price not being about supply & demand.
If I'm bullish & looking for a new long entry on Friday (which I'm not) I'd only be a buyer below the 34.50 level & my decision making would also take into the account the price action on the day. Price may not retrace as low as the 34.50 level in which case I wouldn't be buying.
The 35.30 level is also one to keep an eye on & this level may well act as 'support'.
I mentioned in a discussion with JeremyP on 23rd August that Bullish traders would have anticipated price displacing aggressively higher as printed today. As previously mentioned on 23rd todays price action was an expected upside low resistance liquidity run.
Bullish traders will now be anticipating a retracement lower prior to a move higher & after reviewing todays 15 minute chart I can see @ least 5 valid levels that one could expect price to retrace too.
Results: 3rd October 2023
https://www.boohooplc.com/investors/financial-calendar
Price has moved lower to ensure price is efficiently delivered on the buy & sell side. Look @ any price chart on any time frame & you'll see price move higher & then lower & vice versa. Price was always going to move lower regardless of the short interest.
Bearish traders will be anticipating the 350 level.
Bullish traders? Price targets will be recent highs & other levels that price needs to reach for to ensure efficient price delivery.
Agreed! The 35.10 level is one to watch (July price range & late July & August bullish & bearish order block level).
Price printed a Daily down close candle on 17th August & the 13th August Weekly candle was also a down close which has caused a price in balance (all sell side liquidity). Therefore bullish traders will anticipate an upside low resistance liquidity run through the 35.10 level. Hopefully we'll find out sooner rather than later!
Price reached a high of 33.59 this morning & then displaced lower so it appears the 36.00 level previously stated is still offering some 'resistance'. I mentioned the 8th July in my previous post but meant to state the volume in balance created on 18th August @ 8.0am.
Price has moved lower for liquidity reasons (to pair buy & sell orders) & to ensure price is efficiently delivered on the buy & sell side. Sell stops will be triggered @ these levels which allows short traders to buy shares & therefore close or partially close their positions. Supply & demand / buying & selling pressure does not move price - This can be seen when price moves with very little volume traded.
Bullish? Price will move higher and the 33.60 level becomes 'support'.
Bullish short term price target? The volume in balance (gap) created on the 8th July @ 8.0am will be filled (34.70 level).
MA crossovers, trendline breaks, RSI's, MACD's, Elliot Waves, Bollinger Bands and the list could go on & so-called experts / media talking heads are all a diversion from what's really happening with price. Most retail traders use an indicator / share pattern to determine when to buy or sell & assume price is going to breakout. This is why most retail traders lose money. Professional traders don't base trading decisions on an indicator, trend line break, flag or wedge pattern or similar. People that publish books or make You Tube videos are doing so to make money from retail traders who consistently lose money & have no idea about went to buy or sell.
The market rejecting the 40 level is very telling and the downward spiral should continue?!?
It's a liquidity sweep which would have been fully anticipated by professional traders - The recent longs have just sold to willing buyers (short position buy stops).
@ Phoenixy - Thank you!
It appears the previously mentioned scenario No.1 could be playing out (400 level is 'support) but if I was looking for a long entry tomorrow (which I'm not) I'd want to be buying around the 390 level.
The tall bodied 15 minute up close candle @ 14.30pm has created a FVG (fair value gap) therefore price may well go lower to the 390 level to ensure price is efficiently delivered before hopefully moving higher.
500 on Friday would be great!!