Applying buying pressure AND providing bid support consistently is the most powerful combination to move a stock higher.
A market that is seeing weakness and initiating short positions, generally sells at the ask and covers on the bid. They don't sell into the bid, but rather walk the ask price down.
If ask slaps are coming in WHILE bid support backs up the rising price, shorts will move away, or cover.
We saw the bid sold into earlier, but as soon as bid support came back in WITH ask slaps, sells into the bid came to a halt.
With new discoveries from tweets last night, and pending news, I very much like the position we're in right now, for a strong reversal from the recent downward pressure.
There's logic to splitting up one large order into small ask slaps, but bid support needs to be there as well. So the strategy that was spelled out earlier was not a fully executed strategy, but rather a short spin to entice others into another's game plan.
Any "large" ask slaps that we've seen recently, are followed by a long pause, or immediate bid dump.
A pause after a large ask slap, signals that market makers are trying to determine their next move, because the large ask slap didn't work into their plan.
An immediate bid dump after a large ask slap, signals that market makers are sticking to their game plan and still working to create the appearance of downward pressure.
So far today, the combination of bid support and ask slaps is killing the plans of any short position.
Go AMFE
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