yes,basparks, that's one indicator showing oversold.
that's one signal for a bounce now. but how strong will that bounce be is an important question, and the resistance overhead might offer the answer when the time comes .
Another poster (coffee....something) asked a legitimate question I'd like to answer.(his post was deleted as if it was an attack,I disagree with that censorship, better judgement should allow me to answer it instead. ) he stated that a week ago I was seeing a bullish looking pattern as price held for a moment at the 5.85 support line. In fact because of that I bought some shares at 5.95 thinking we would see a rally begin, from this 'launch pad' as I was calling it. But what happened in the succeeding days Changed my view again, from bullish bias to short term bearish bias. That's why I did change my outlook, short time frame, and we see the resistance win the battle and we see the bleeding down, the pop at the open followed by more plunging down, the sentiment seems to me turned bearish in the last 3 days...I changed my view along with that evidence. That's what I should do. and maybe your bias could use a bit of caution as well. who knows,right? all we can do is look at the clues. Yes, the oversold indicators are suggesting a bounce here at the critical 5.60 base "should happen" and it wont be surprising if it does give us a bounce. I'd be happy enough to see a 30 centor 40 cent bounce to retest the 6.00 resistance area, where I can sell a few shares I payed too much for last week.
That question coffee asked should not have been deleted.it was worth a response. Its important to explain why I did change my outlook, short time frame, because the bullish rally wave structure changed to besarish this week,in my view. I am looking for resistance to dominate ,as it has done so this week so far, and I am looking for the bounce now to retest that resistance zone around 5.90-6.00 and Get Hammered down again, is the bias I have now. I could be proved wrong if the bounce is very strong and propels price back to retest 6.30/6.20...because I expect to see the sellers add pressure around 5.85/5.90 area. we will see soon enough what the next moves do.
I have bids in place to buy some more at 5.52 and 5.27 area .
Lately,Ive been showing the intraday charts and following closely the small details of key price points that seem sensitive to the technical chart, like the 5.85 support step, it Failed badly and now we are at the 5.60 base that Must hold (5.50-5.60) or we will see 5.30-5.40 in the next steps down.
When that 5.90/5.85 support zone failed it opened up the bleeding game again and we see what this week has done so far.
Lets see what kind of bounce might happen in this critical support base (5.50-5.60) it should be interesting.
(Mods, can you be a little more judicious in what you think is an attack,and recognize a fair question when its posed.it deserved an answer)
tom
