RE: sp10 Jul 2020 15:03
Amazed to see such statements about charts, not that I want to convince anyone but I can not withhold a reply on this.
A chart is showing all the past flow of the company in their communication, news, leaking info, achievements, projections and more importantly a full picture of the behaviour of their investors. And not just the past, but the past affecting its future. It is like you sit in the company working and have no idea what will happen tomorrow? You must be sure that you still come to work and what you will be working towards based on your past work experience, in case this is not true than probably this behaviour is already reflected in your work and the company already. All your expectations and reactions are printing in the chart. Yes you can **** in the fan with an unexpected news and invalidate all the counts but those should be in most cases already shown in your past behaviour, or if not and you think this is external then the same applies to the external global behaviour and expectations that lead to the significant news drop. When everything flows naturally and you have no idea why the SP is moving in certain directions it is all based on investors psychology and is clearly shown in the charts. If big news is coming it is usually shown in the chart ahead on a leaking info or expectation of news and all the reflective movements are then printed in the chart.
If you dont use charts its your choice, just no need to judge something you have no knowledge about.
5,94p range pretty much held up and reacted well, yes it wicked lower to hunt for liquidity and stops but the hourly`s closed at this range. What is significant is that it did not created a lower low going under 5,8p breaking the shorter timeframe structure. The larger timeframe low at 5,3 would be the more important if the 5,8 breaks still keeping the uptrend. However if the 5,9 range closes lower than the structure is not that impulsive or bullish, all just an indication that investors dont expect much and do not accumulate at a significant degree. We broke pretty much all previous highs in the last month and this is a significant indicator of a follow through to the upside. We are still here at 5,9, and it is a lot of balls to say something like this exact price days ahead. I am never 100% that it holds and can break but then it will probably move to a different formation and will follow through in a less bullish pattern or invalidates. Probabilities, its all.