Wednesday, June 06, 2018 4:26:27 PM
Our RSI(14) on the 1yr daily chart is at 58. I am seeing a strong trend line of support around the 41 mark. It only occasionally goes lower than that and is short-lived. That should mean only a few more red days before the chart hits the trend of support and begins to bounce.
https://www.tradingview.com/x/HNhwSM3b/
Also, take note that we held the .007-.009 range for three months or so in a sideways trend. This is where the accumulation was taking place. So when people load that zone, they wait until a 52-wk high, place up an ask wall as buying power stalls, then they begin to unload their shares they got during the sideways trend, trying to walk this back down to the same range. Remember: they can only profit if they sell higher than that zone. More eyes are on this, more longs are holding, and there will be more competition than before if it trends that low. It will bounce back in a hurry, both because the shares will be limited(and coveted), and because the chart will be oversold, or close to. Hang tight. They are going to thin this out on the way down to shake loose shares, and once there are none, and the selling dries out, then it will be thinner going back up in time for news. Looks like we should be current tomorrow, so they can shake us another time or two, but next week or the week after(or whenever), once Rene drops the finalization of dried ink on the paperwork, this is going to bounce and run, and will be thin doing so. And the next time we have a three month sideways channel, .0269 or better should be part of the bottom of that, if I am at all forecasting properly.
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