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Beany72

3,285 Posts.

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22/02/17

00:00

Post #: 22795001
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Originally posted by Jako64 ↑

I thought the last bar on this chart was interesting.......and worth considering........
It may appear that the last bar on this chart has seen some potential support come in, as there was an increase in volume, but not much more ground was lost (close to close).
And this may turn out to be the case..........however consider this.....
The stock is in a downtrend no doubt, & the most recent bar made a lower high, a lower low, and a lower close, when compared to the previous bar, and price also closed below the level where previous support had come in (albeit only marginally) @1.98,.......which infers that this may only be "temporary support in a downtrend", or at best, tentative or vulnerable support, which may easily be overwhelmed if further serious supply comes in.
View attachment 473279

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Would one be opening a short on the break lower of todays bar with a stop loss @ the high of todays bar?
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