supply exists in the market still ..
caution should be exercised ,depending on where the price retraces back to
if the full upswing is retraced on this move, that would make it a potential upthrust
otherwise as of now, i note ease of upward thrust, a spring action off the lows preceding it and a lps formation which failed to retrace back to more than 50% of the spring ..
the current downmove could have been taken on less suspicion , if 50% retracement was there, but more than that has happened..
bottomline is, supply still exists in the market, and if the motive of the composite operator is a future markup, more trading range right hand side development is expected
also the price is below the 20dma presently
would like to see it acting as a support and mutiple tests of supply off it is expected, before any markup possibilities
caution should be exercised ,depending on where the price retraces back to
if the full upswing is retraced on this move, that would make it a potential upthrust
otherwise as of now, i note ease of upward thrust, a spring action off the lows preceding it and a lps formation which failed to retrace back to more than 50% of the spring ..
the current downmove could have been taken on less suspicion , if 50% retracement was there, but more than that has happened..
bottomline is, supply still exists in the market, and if the motive of the composite operator is a future markup, more trading range right hand side development is expected
also the price is below the 20dma presently
would like to see it acting as a support and mutiple tests of supply off it is expected, before any markup possibilities