Panic sellers already out for the day. I reckon back to mid to high 80s this afternoon
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I hate this market ..not a happy chartist now :p
I've posted a chart update as it is very interesting..probably only if one is a chartist...anyway.. I find it interesting textbookwise...
This sudden market awareness of the Coronavirus effect has completely turned the Global investor sentiment from very optimistic to very pessimistic within a few days..
Plex chart shows the more extreme event because of the sudden optimistic sentiment with the upgrade disclosure announcement...
The Plex chart shows the two sudden sentiments very clearly with the bearish Candlestick Island reversal pattern...Also in play and I assume helps create this Island reversal pattern is the fact that without the Virus sentiment there was a 60% chance of a throwback (Bulkowski)..The extent of the rise after the breakout also makes it painful if a throwback occurs...Throwbacks after a breakout is a temporary phenomenon when profit takers are active, one they disappear there is a very good chance the price bounces off the support and resumes upwards again..
The Virus sentiment effect does cast doubt and the Bearish Island reversal pattern also casts doubt..
DISC: happened too quickly to exit (probably would not have anyway with high growth stocks)...If selling apply the rule ...sell near resistance, never near support.
Attachment 11060
Thanks Hoop.
Afternoon rally has begun for the NZX. Currently looking very oversold compared to the ASX. Hopefully will flow to some of the small caps like PLX that have taken a disproportionate hit.
MMH?
Not a smidgent of worry in the world - solid assets, solid operations, huge valuable land bank and plenty of upside all the way to $50 per share.
PLX? As I have written before - 'they move 'em up, and they sell 'em down.' Trade by all means as my friend does - just don't get caught when the tide goes out.