FMG Technical Analysis, page-50

Another terrible false start pattern smashed to pieces by the shorters all day. The good news was sold off and the bad news was sold off more!

When it hit over 5.37 it was sold down the river in 3 big dumping waves.
Its a long lower red bar 13c body 5c wick and no tail meaning it was sold all the way to the close all arvo with no respite or bounceback again with larger volume. Very ugly signal.

The euphoria yesterday turned to despair today and the amateur retailer buyers at open got smashed yet again and again. The unconvincing intraday yesterday was taken apart yet again today.

I warned of this yesterday
"So disappointing intraday action really and it was all made on the opening gapup. It didnt even try to break that 5.37 resistance triple top point today and both times it got close it was sold down viciously. The rounding top pattern has been temporarily broken today but lets see by August. So not very convincing and those greedy short term sellers seem to still be involved."

Spot on. Tmrw maybe the same, seems a real battle here 4.70-5.37 for the future 12 month trend, if the rounding top pattern completes then very bearish continuation of the bear trend since 22 Feb. If it stays over 5.00 till end August maybe a new platform for a new rise into year end and break/reversal of the bear trend.

Next few weeks will tell all.