Replies to post #28075 on Grapefruit USA Inc (GPFT)

[BennyJ]

watch for the painting the tape which is illegal from Market Makers at the close of trading.

[demus]

Now that we've closed at .295. Is that an indicator that the .30 support has been breached? Or is still close enough to .30 that it could be conjured that .30 is still holding? Taking into the effect that tape painting could have contributed to the slight dip below .30.
Does it just bare watching? Or does this show greater ramifications?'
Thanks, Appreciate your Charts and assessments!

[madtig6]

Demus,

Supports are supports, and resistances are resistances

So even though it closed ONLY .005 below the support, the support IS broken.

Now, I'm not going to sit here and tell you that the pps will not go back up from here, and eventually be supported at .30 again ( or .31 or .32 etc)

But what I will say is that the ODDS of it going down from here, predicated on MORE THAN just the support / resist levels, are greater than for it to go back up.

That's all TA can do for one. Betters the odds of being on the right side of the trade. NOT TEA LEAVES, NOT CRYSTAL BALL !!!

And it takes a lot of study and experience to become adept at reading the charts.