The sellers aren't quite off any backs - 1.1 was smack on the...

The sellers aren't quite off any backs - 1.1 was smack on the 200 day moving average, generally considered the measure of long term holders sentiment so pulling back from it suggests that group is still not buying. It's getting closer though, if this is not just a pump operation to get a bit more profit for last placement holders.

Moving averages are only a rough guide but in so far as they measure the behaviour of groups they can be worth consulting. It needs to close above this average and the down trend trend line to give some weight to a changing direction. The average and the down trend line broadly approximate each other, although my line is a bit selective I guess.

1 year daily :
Trend line taken off 3 year high per next chart.


3 year daily:
(today's action dropped off, sorry)


Also just noticed my position statement was wrong having become a holder last week.