RE: Charts. Not important6 Apr 2023 00:22
Fwiw, I typed a post titled "Fork Handles" on Monday afternoon to reference the fact that we'd had four green candles in a row already and were on for five. In the end I didn't bother and thought I'ld just wait and see how it played out.
The text and graphic has auto saved onto my daily chart so here's a snapshot before I take it off.
https://invst.ly/-pt7y
What I was going to note were a few observations. Firstly, going back to last year, the consecutive up days were from the 5th and over into the new tax year whereas this year they have been during the period leading upto the EOTY and have peaked a few days before. If it has peaked, that is. Consolidation, profit taking, ... yadda yadda.
The reason why I thought it wasn't worth the hassle of posting it at the time were a few other observations I was going to reference about the recent activty on the daily chart. As it turns out they have gone on to follow kind of the same pattern, but hey, I'm sure you can probably all see that and don't need me to point them out.
But just one I will, as I thought it was interesting.
So, just for lol's. And so you can all play along at home. :)
https://invst.ly/-ptyd
Notice the major peaks on the chart and watch the RSI. Namely the 16th November with the RNS for preffered bidder. The 18th January with the RNS for FSS Programme Manufacture Contract. The 1st of February with the FSS Subcontract Execution RNS was a bit of an odd one as it was a bit all and nothing and became an outlier on the chart so I tend to ignore that one. I can do that as it's my chart, so my rules. Now look where the RSI has peaked again this week.
Yes, yes, yes I know the week is not over yet and it could jump tomorrow... spare me
What is it about getting to about 61% on the RSI that seems to be a trigger to stop a rise?
It will be interesting to see what the catalyst will be to buck the trend as it did back in November/December.
I'm guessing the same as most that the finance news might be the one. And that will depend on the terms.
Anyhoo, it's just an observation and something that I will continue to monitor.
So take it or leave it. Tis what tis.
Oh, btw, it's not an attempt to bring down the company, so chill out if you feel the need to jump in with the troll accusations. lol
And It's nothing to do with the SP, as that 's a whole different thread that even I'm not getting into. :)
GL.