YoungAnalyst

Test of no supply confirmed on BAS

Long
NYSE:BAS   None
1 - Downswing on increasing volume and tight closes: the accumulation phase started here
2 - Decreasing volume on down bars: sellers are exhausted
3 - Effort to rise on ultra high volume: market doesn't like this kind of candles because they could hide sellers, so the stock pauses to test supply
4/5 - Two tests of supply but the following candles failed to confirm them: still weakness
6 - Narrow bar on ultra high volume and the next candle closes higher: stopping volume, more accumulation
7/8 - Confirmed tests of supply
9 - Lack of demand at these prices
10 - Another confirmed test: good long entry
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.