wipes sweat from brow :cool:
Printable View
It appears we are in a little down trend:). Lower highs and lower lows generally for the last 7 days or so. If it makes you feel better, I bought 15,000 on Monday and Tuesday at av price 7.79, thinking that was the bottom, and sold them today for av price 7.73. Have decided to wait for the dust to settle and think there is more tree shaking and sp manipulation to come.Will keep a small amount and might get back in at a lower price later on. At this rate might get some in the early to mid 7s;).
I dunno about that Couta, I find the chart works pretty well for ATM, the double top fail was called and followed through, SP continued down through the rising trend line signalling further weakness (don't buy the short term downtrend), then today it probed below the 50EMA touching the lower Bollinger and bounced back to close above the 50EMA, suggesting technical support kicked in. As for the RSI, I think it was below 30 way back 19/5/2016 for a few days when the SP was about $1.70 and not since. Even now it's above 40 so not oversold at all, but down trending still. MACD is looking pretty messed up though, but it's a lagging indicator.
ATM looks to be just blowing off a bit of toppy price action, maybe got ahead of itself and people skimming some profits off the table. Hard to say where to from here, just play it day by day. The chart helps a lot.
What I mean by the chart comment is that even when it looks oversold, the shorters and players can keep it heading southward. Perhaps your looking at a different chart with different parameters to me, I've got RSI at 23 using (14) W%R and Slow Stoch also in oversold territory, Bollie bands look like they are not too far away from starting to come together to me.
I've got RSI at 44.19 using 14 period but it's a quick check using Yahoo charts so maybe unreliable. I also checked the short positions on ASX (for yesterday) and was surprised that only 0.6% of the issued securities are short, mind you that's 432,591 shares so if I bothered (or could) find the trade data and do the maths it might be having a bearing on the SP decline, depends on how many of them were/are triggered.
I reckon it's mainly profit taking, and the charts are helpful timing exits and re-entry.