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Daily close above trend line, high volumes and pretty long green candle. Definitely positive.
29.5 is another level to look at but after that it's 41 all the way.
Let's not forget it's the end of March or simply put also end of the financial year. One way or another various positions are going to be closed.
I couldn't agree more, I literally have a sea of green filtered messages. The utter nonsense, addicted posting is surreal.
The percentage of shorts is seriously ugly no doubt but at this price point I will stick to what I said for a while now. I still believe the next few weeks including January will improve things.
Once again for what it's worth, we are just under the daily chart support, dreaming of a rebound at this point.
The next major weekly chart support is actually 25p.
I have seen shares dropping like this in the past but always because of bad news, never in total silence like this or worse with good news until a few weeks ago.
I'm staying put though, bought a few small chunks still but I find it all pretty incredible to watch.
Normally even with drops like this, there are some green days too at least!!
If anyone knows where the bottom is please do let us know........I've lost count of how many severe drops we had!
The first signs of a reversal is when a daily candle closes above the open of the day with volumes and even better in petrofac case a serious green weekly candle is probably needed!!
Until then I wouldn't get too excited just because it has recovered a little.
Having said that fingers crossed for more volumes on the buy and recovery.....
Considering Astaris is the one that in the recent weeks is the main cause of this drop, followed by the others obviously......I suppose it's a slight positive that they finally started closing almost a quarter of their position in one go.
Here's hoping that this major support under 35 is the big one they were targeting and with any future retest if any will be followed with more shorts position closed.
Serious buy volumes will show up soon enough if that's the case.
First green high volume candle just below 34.47 major weekly chart support for what it's worth.
I've been buying small chunks all the way down to this level.
I still believe December and January will be the recovery period.
After the wild ride from last week, 40.43 has become a strong weekly and daily support on the chart.
If we keep holding it and bouncing from here then the early 50s are the next target and a close above it should give a further lift.
So look out for this level to hold further and if it does then hopefully it's finally the bottom 🤞
Yes very good jump, just don't forget what we really need is some serious volumes and actually close on the high too.
I think the end of this weekly candle might be the first sign if we do close at high of the candle and high volumes. Closing above 45 again would be a small positive.
Let's take the temporary positives for now.
Just a quick technical update, on the longer term weekly chart 40.43p is actually a major support.
On the daily chart it's actually worse at 34.49.
Yes we are oversold, I think everyone knows that...big time and actually oversold on a weekly chart which doesn't exactly happen too frequently.
From previous drastic oversold weekly charts there tends to be some pretty big recoveries as well....that's me hoping at this point.
Let's see if we can bounce or finally hold 40p.
What a horrible sell off..... somehow I still think December through January will be a big recovery but obviously like many here I never imagined this.
Guys of course, you misunderstood me, I totally agree with you, shorting sucks and they do ruin individual investors..I've been burned myself many times.
I was simply referring to the fact that you still cannot say the shorts are burning since they're the ones who literally controlled single handed a share price and made huge profits and somehow legally.
That's all.....they are allowed to do it which is horrible but still right now they made big profits, love or hate it.
I'm heavily invested myself so I totally understand.
Shorts burning?? They just made millions, they knocked the price down by 50% in the space of a few weeks and taking their profits now. Let's be humble shall we and give credit where it's actually due.
I'm expecting their positions to finally shrink now, buy volumes are finally much higher.
Let's see how this weekly candle closes first.
I would expect a pretty big recovery for the next few weeks 🤞
Buying volumes have definitely increased in the last 4 hrs since hitting the lows.
We still need some serious reversal candle with millions in volume together with some evidence of the now infamous shorts actually closing their positions.
Keep positive, I still think things are going to turn around in the next weeks.
In the meantime don't forget, the filter option here works really well and you don't get distracted or discouraged by utter BS.