Hi burnett, here's an updated chart with some of my thoughts on it.
As we all know it has been getting hammered with bad reports etc, but putting all of that aside I will buy in again when it shows a low risk entry - but as we can see imo there has not been one on this chart that I consider suitable and we can also see where our main obstacle is with a close of 11cents back on the 9Apr - huge volume up day and could only muster .5cent gain from previous day, that it suss and then it is followed by
NO1. which is the day that the selling stopped and them standing aside shown by the low volume and also being an up day
NO2. it then breaks down - breaks a lower low than previous couple on big volume and combined with the following day which is clearly a strong day - narrow price spread on huge volume - more buying from the stronger players
NO3. clearly a weak looking day finishing low on the bar and in that area of resistance
NO4. is same as NO1. - no one to take it thru
NO5. another weak looking day finishing low in that same area
NO6. similar to NO2. fresh new lower low than previous few note the increase in volume - after that it simply rolls over with all that resistance above and weakness is now starting to have an effect, of course with bad reports and the state of the markets of late hasn't helped. I will buy in again when this selling has stopped and it is tested successfully, it was on the cards just recently but then ran into that resistance area of 11cents. As no doubt you're noticed I don't use any indicators but would welcome your views ref the fibs etc that you have spoken about. lol
RCY Price at posting:
6.4¢ Sentiment: None Disclosure: Held
