After breaking out of the accumulation TR with a large jump across the creek (Wyckoff analogy) price has been unable to break back below the yearly pivot point and volume remains high. Watch for the next leg of the markup.
BTI has undergone distribution, a backup to the TR and is busy with a markdown. Since the beginning of 2019, it looks like a redistribution TR is taking place. Now price is approaching the overbought line. There is negative divergence with the volume RSI indicating a continuation. Will be looking some supply volume to push the price further down.
Someone seems to be buying Oceana stock every time it drops below R70 since the Q1 results. Volume has remained high since then but some increased volume is again seen last week. Once the accumulation is complete we can expect prices to rise. One to watch.
Reinet has been in a trading range (TR) around the yearly pivot point. After a sign of strength (SOS) with increasing volume and a backup to the TR on decreasing volume the stock is now being marked up out of the TR. Looking for a push to R280.
Arrowhead Properties has still not reached the bottom and there is more pain to come. After a steady decline, a trading range (TR) formed after a selling climax (SC) in 2018 that gave some hope for a recovery but it turned out to be a redistribution TR. Volume has steadily decreased indicating no interest in the stock. After a break of the climax low and a backup...
Telkom has been in a strong uptrend but after a buying climax (BC) on high volume and automatic reaction (AR) we have set the bounds for a trading range (TR). As it develops further we will be able to see if it a re-accumulation or distribution.
There are buyers at R10 for Fortress B. After a selling climax (SC) at this level we have seen a high volume spring and now a test on lower volume than the spring indicating supply is being exhausted. I have been waiting for the markup that typically follows the spring (see posts below) but have had to be very patient. Last week we have seen a test and this could...
Anglo has been trading in a well defined upward stride. After reaching the oversold line and yearly pivot point we have seen buyers step in as indicated by the increase in volume. There is also negative divergence with the volume RSI pointing to a continuation. Looking for the upward stride to continue.
Mediclinic is showing signs that the stock is being absorbed. Volume has been declining since the trading ranged (TR) started in January. There are some signs of strength and recent minor signs of strength. Watch for the jump out of the TR.
1 minute ago
Price is in two conflicting chart patterns
Bullish flag is a bullish continuation range pattern
Descending Triangle is a bearish pattern
We are able to let the market decide this conflict and trade on a daily close in the markets direction.
Ranges, Descending Triangles, Triangles, & Ascending Triangle are repeatable trading chart patterns....
Following a Wyckoff analysis of DRD phase E markup is now in full swing. In 2018 institutions started slowly to accumulate the stock at low prices. Early this year there was some heightened interest seen with increases in volume with institutions stepping up the pace of accumulation. With a spring the markup started in phase D and after a backup, to the TR we are...
Although RDI Reit has been in an overall downtrend on the weekly we are potentially seeing an accumulation range that has formed that should result in a backtest on the larger TF. We have gone through the Wyckoff Phases and potentially are seeing a last point of support (LPS) after some signs of strength (SOS). Some but not very high volume on up bars could point...
Attacq has been in a markdown as discussed in previous posts (see link below). Some stopping volume has entered indicating a possible selling climax (SC) with an automatic rally (AR). We can now expect a test of the selling climax and a trading range (TR) to form.
The Top 40 is seeing some buying at the yearly pivot point. The volume has increased and it looks as like there will be a rally but probably within the trading range defined by the yearly pivot point and recent highs.
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Today’s chart will be an update on BTC’s recent price developments on the hourly chart
Points to consider,
- Support is at the .618 Fibonacci
- Resistance is at the .50 Fibonacci
- RSI is respecting the trend line
- EMA’s acting as resistance but looks weak
- Volume below average
- Equilibrium playing out
BTC is approaching decision time...