Waiting for 4.5 may be a bit 'ambitious'/rexless. a liitle too penny pinching.
Chart/TA is giving good indications of consolidating in the 5/6 level.
The LT 200d ema is being traded on and next week the 10/30 emas should move over the 200ema.
These confirm the probable beginning of an uptrend.
The Zone 5/7 is also a previous 'action' area. there's a past gap in that area back in December that recently filled so 5/7 acted as gap fill Support for the recent retrace/falling knife.
If you look at the Depth you'll find it has strong buying bids sub about 5.5. Some of these could be padding/false bids but they do suggest 5+ has solid support. It also shows that if you,rexless wanna go 5 instead of 4.5? Join the Queue
Now where could sellers at 5 or less come from?
Well there's Need their Money back traders caught in the falling knife at 7plus who come across on their watchlist a better prospect so they do the 'switch',take the tax loss. It is June and they're the Fast Money Kind so they burn bridges behind them, do one night stands with shares, go looking for more and more Wild Rides. The Boys with the DT's
So these can be expected to 'dump' on the depth parcels bought for what? $10grand ? $100grand ?
Difficult to predict or anticipate especially in the current apparent consolidation of MRF.
More likely is a pump. Where the Big Bids around sub 5.5 move up the line.
but Depth Watching is a very tricky Art/Skill. It's really Bluffing on both sides. Depth watching is really complex Games theory.
