Australia's largest stock trading and investment forum Australia's #1 stock forum

Wyckoff trading method, page-706

First 706 Last

Share
Profile

Follow
KabaiSengh

1,401 Posts.

25/04/16

19:40

Post #: 17593577
Share

Originally posted by Jako64 ↑

There was definitely some selling pressure on the upthrusty looking bar no doubt,
however it may also be an absorption bar (which can sometimes look very similar, and usually appear in uptrends, or with strong buying in the immediate background), and only the preceding price action will confirm which it is. If price slices lower and begins to breakdown, then yes it was a serious selling event of some sort. But if price only closes the gap (or makes a decent attempt to - as the gap fill rate on that type of gap is reasonably low) and does not actually breakdown, then there is a decent chance it will either consolidate sideways as it goes through the process of removing the supply that has been drawn out, or test and find that the selling pressure in not ongoing, and price makes a second challenge higher.

MXC Daily -
View attachment 170281

Expand

Thanks @Jako64 I have taken a position in this stock and will be watching its progress
Upvote

Reply

Top Stories

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Week 48 Wrap: ASX flirts with 8,500pts; APRA declines mortgage loan easing; Trump's Bessent tied to Dem donor

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

There are more pages in this discussion • 1,753 more messages in this thread...

First 706 Last