Hi Ken, gee the levels on the FAR chart are a bit messy (often a...

Hi Ken, gee the levels on the FAR chart are a bit messy (often a sign of a fairly high retail involvement).
There are some signs of accumulation/absorption on the chart at the lows of the previous trading ranges.
I don't know what happened back in early April, as it doesn't make much sense when put in context with the rest of the chart......looks a bit strange....

I think if price can find support around the 8cps level, and consolidate (absorb) the supply being drawn out, it can use this level to accelerate up and make a secondary challenge to the previous highs (this does depend on the supply being drawn out being successfully absorbed or removed at the 8cps level). However if instead, price is forced lower by overwhelming supply, the potentially stronger level below is between 7.3 and 7.5cps (however that would leave the 8cps level as potential resistance above again).

I can't say it is a chart I really like at the minute.....it has a potentially high retail involvement, with lots of 'ifs and buts' surrounding the trading at the minute, but perhaps it will become more clear and present a positive opportunity in the near future.......we'll see......



cheers