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Beany72

3,285 Posts.

5

14/12/16

20:08

Post #: 21343199
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Originally posted by Beany72 ↑

RXP is a stock I've been watching every day for probably the last month. My interpretation of the chart is that supply is being drawn out and accumulated in an attempt to move the stock higher. My reasoning is that the upthrust to all time highs looked orchestrated in the manner it was achieved (viewed course of sales which was an unexpected surge of buys) to attract breakout traders whom were then shaken out of their position and accumulated at a lower price as evidenced by the shakeout at bar 2. The past couple of days trading has failed to draw out much supply especially today. I'm therefore left to believe that the easiest path is upwards as whoever is accumulating will have to go higher to reach supply.

1. Upthrust reaching all time highs
2. Shakeout with significant sign of support
3. Test bar
Order in: If price = $1.005, buy at $1.005, if price = $0.975, sell at $0.975.
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RXP failed.
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