ASX:BBOZ   BETA SBEAR TMF UNITS
$BBOZ Daily Chart - Daily candle is a shooting star indicating a reversal, at a previous resistance zone with diverging RSI . This adds to the conviction of a potential change in direction. We have also not seen a retest of the breakout levels, so caution is advised
Comment: How good was the analysis ? Wait for a retest of the breakout level around the $12.50 zone. Today's rally is a bear market rally - sharp & violent but will be short. Do not try to pick a bottom. The trend for the market is down and for BBOZ's future direction, watch the index because it has an inverse correlation.
Comment: IMHO the retest is done with a solid green candle. Watch the markets this week. This is a hedge against a loss in the index but a lot depends on how you use & trade it. Please ensure that you understand ETFs, what they are & their pitfalls, & how they work before diving into the fray.

Comments

When do you think it will retest the highs based on the above?
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Wiz_of_Oz sikkunt667
@sikkunt667, The price touched the 61.8% retracement zone (around $12.65 - $12.90) on 4 occasions and bounced back. The bear market is a process and any deterioration in market sentiment will add to the price. My usual trading/holding period is 1 week to 6 months based on the trend & momentum.
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sikkunt667 Wiz_of_Oz
@Wiz_of_Oz, as its related to the XJO for that to retest the lows of around 4500, being around $20ish for BBOZ what would you say the time frame for deteriation, and do you expect XJO to test lower lows therefore increasing the value of BBOZ even further than the $20 Or do you think the XJO around 4500 is a bottom and around $20 a top on BBOZ during this period?
Reply
Wiz_of_Oz sikkunt667
@sikkunt667, IMHO XJO has not bottomed yet...A bottom is a base for a rally and it remains forever "the bottom" until it's taken out. Major bear market bottoms are usually violent affairs and not seeing that here.
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sikkunt667 Wiz_of_Oz
@Wiz_of_Oz, I've got a massive short in play, just testing people's predictions on lows to maximise profits lol... 4546 seems to be the current low/bottom In the short term, but have seen some predict as low as 3700-3300ish as in the 2008 GFC.. what are you personal thoughts on XJO which would determine BBOZ pricing...
Reply
Wiz_of_Oz sikkunt667
@sikkunt667, The market has a mind of its own..I usually do not predict as I let the price action dictate my strategy. Friday XJO was -1.98% and BBOZ was +2.46%. BBOZ is traded like any other stock based on supply & demand in the market.
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