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gypaetus

1,270 Posts.

27/04/17

22:41

Post #: 24313671
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Originally posted by Beany72 ↑

RXP has gapped up, upthrusted and then shaken out. So to me the last 3 bars are indicative of an absorption. Today's close being positive, above resistance and the highest closing bar of the previous 4 gives me confidence in this being a successful absorption process. I now anticipate prices to go higher and have documented the following trade. Taken the volumes into account, a test bar may required. I don't expect a test bar would hit 86c triggering the order.
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Hi Beany

I'm sticking with my thoughts from the other day, the price action isn't bearish, but I feel it's only ratcheted up into a new accumulation zone rather than a breakout, but for the sake of your trade happy to be completely and utterly wrong.
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