Hi Jako
Thank you for the explanation and understand that there is no rush. This like NWZ has a fair way to go before a shorter to medium term entry could potentially be placed. Also there are a couple of successful tests will need to be seen before a potential entry.
I have used a weekly chart here, as it helps to take a better helicopter view of the forming chart bar/s, and assists with working back to see where old resistance can potentially change into new support for the share price.
Below is a weekly (still 2.5 trading days to go to complete it), however it helps me to look at the chart from a better helicopter. This weeks supply has been heavy and the last time that similar volumes were traded dates back to Jan 2015. Prior to this, it took the CO around 7 months in early May to early Dec 2014 to complete his/her accumulation. This was due to the supply zone formed in this time, from late 30s-40c mark.This sidewards consolidation and accumulation period, is a example of the patience, stealth and purpose that the CO will deploy to make sure that the mark up phase could begin.
At present, increasing weekly selling volumes have been gaining momentum and it will take a fair bit of force to stop it from falling in price too much further. At this point I think that there will be a few potential outcomes. 1. The supply volumes peak this week and a small amount of hidden accumulation is tucked away. 2. Supply keeps on swamping demand and price falls through the support zone that share price is making its way into this week with a final shakeout.3. The selling slows down next week to reduced volumes and the share price begins to rest in the support zone late 30's-40c.
Hope this is starting to sound/feel like when you guys read this, that it shows that it is starting to all make sense to me...
