YoungAnalyst
Long

Test of no supply confirmed on BAS

NYSE:BAS   BASIC ENERGY SERVICES INC
239 0 0
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
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