Enjoy the ride

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This is the channel I’m looking at just now, which shows an uptrend thats been active for about a month so far. We are currently experiencing a little dip which might head lower still. I’d be looking for support at around $22 if it gets that far.

As mentioned by ‘U R’ it can be instructive to look at the market depth charts which I’ve posted a snapshot of here.

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By waving my arms around and gazing at tea leaves (and the market depth chart), it looks to me that there could be a bit of a dip coming up with plenty of sellers sitting between $23 and $24. Looking a bit further afield there seems to be a wall of sellers sitting waiting at $25 for a chance to do some profit taking perhaps ? It has been noted that this wall of sellers is not fixed and could advance ahead of the price, perhaps trying to take advantage of any quick spike up.

At the moment I seen no clear signals that the channel is about to end, enjoy the ride 🙂

 

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2 thoughts on “Enjoy the ride

  1. Sold ten at 25.20. Taking some profits, as I see some other folks are doing at 25. I’ll still have some if it runs on up to 30. As you know, 30 is where it ran out of steam in 2011.

    1. Haven’t sold any myself but selling before it reaches $30 sounds like might be a good move, you’ve given me some food for thought. The old high seems like a natural place for a steeper correction .. might break out the bottom of that channel around there.. hmm..

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