Wyckoff trading method, page-1894

Hi Beany and Gypaetus,

Well spotted Beany.

I'm attaching a Weekly chart for a longer term perspective.

As you can see from the chart, the stock's been in a Downtrend for a while and even though it had a massive gap-down (on the Daily) following a profit downgrade, the price has no desire to move up (to quote Gypaetus).

Reading some of the comments on the Hotcopper ADA forum, the price is likely to continue to go down until the company confirms that the tendered contracts have been successful, as the on-going contracts revenue alone may not justify pushing these up.

From a Wycko perspective, of which I know precious little honestly, I would not rely on a single Test Beany. It may be better to wait for a good while and see if the price is being supported, then forms a new zone where tests are re-tests may give a more reliable entry point.


Keep them coming Beany; that's how we learn.

Cheers,

soccer