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Jako8557

16,642 Posts.

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21/01/16

16:56

Post #: 16843659
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Originally posted by gamefisherman ↑

Hey Jako

That SEA chart resembles the earlier stages of MRM perhaps?? when it broke down hard then fell some more on lighter volume over the next month before it starting to get going.Perhaps with SEA the market is not quite sure where it will rest, however that certainly was a massive absortion that occurred in your chart.Patience needed whilst it finds its feet imo.

MRM has recently tried to get over that resistance zone in the late 20's to 30c mark. Looks to me like the Buyers today gave it a good shot to take on those ugly Bear Sellers. If similar volumes like today continue then another push into the late 20's/30c looks possible.

View attachment 134674
Cheers
GF

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I was actually thinking about this sort of set up on the SEA chart.... and even if it is not Bag Holding, it is quite a potentially strong bar.
and the way it is going, there may even be a Bag Holding type bar on the weekly as well (which would be an even stronger indicator of potential strength)

cheeers

Last edited by Jako8557: 21/01/16
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