Hi jim, I think we are going to need a subsequent bar or two (or...

Hi jim,

I think we are going to need a subsequent bar or two (or three) to properly determine what is happening on the EOS chart.
Most of the story is pretty clear in the background, and was all looking all fine and dandy until this week....what happened ?? (an announcement ??)

Anyway, spread and volatility go hand in hand,........so the very wide spread this week, showed there was high volatility this week.
And on the daily chart this looks like serious selling pressure has come in for some reason,
with Monday, Tuesday and Friday's bars all showing the tell tail signs of supply.

In an attempt to look past all of this volatility, I switched to a weekly chart, and made a couple of notes, so you can see what I mean.
Subsequent trading is needed to confirm the selling pressure (with downside follow through), otherwise look for some consolidation with lower volatility and much narrower spread (low volume) bars, before any fresh challenge to the previous highs comes about (an immediate challenge may be a bit suss I think....)
Price really needs to exceed the previous highs at some point to prove itself now, as that will place this potential weakness below, and out of the way.......



cheers