Are we close now....23 Apr 2024 13:28
Whether its mumbo jumbo or not, charts and SP numbers, recent lows/highs etc etc are looked at by a large number of people and it becomes irrelevant if its self fulfilling or not, it is simply a fact of life that we ALL look at the SP and get an emotional feeling when we see it. (Ain't that the truth!).
Anyway, we are getting close to a significant number (41p), impossible to know if this will be the bottom, but the odds are pretty strong.
The4 more significant the number the stronger the reaction generally is.
The downside is, if it does not bounce, or falls further then people may quickly sell their position to make a very small loss and that "extra" selling pressure does indeed cause a lower price.
Ignore what you think of me, its not important, but my view from a TA pov, has been ever since 52p was broken after the rally to 58p suggested that 41p would be a target.
If I am waiting for that price before I take a punt then I am pretty sure I am not alone.
Anyway, we may be close now to the end of this painful episode.....(At least I think the odds are on our side)