excellent mention…
reaccumulation is going on…
this is a scrip where the big players are playing with the retail…
https://www.tradingview.com/x/kzK0gyXu/
noted the climactic stopping action at the resistances, this is a different stopping action , there were being preceded by high volume, buying at the support also… so basically, what i think is going on, the operators are buying low and selling partially high, and the sell is triggering shakeouts from the retail and more absorption and they are buying again at a lower support…
typical bag holding action as wyckoff said, which is one of my fav quotes…
its like the big money is keeping a bag open and letting the world sell in to it, without triggering an uptrend…
looking at the levels, the 100week wilder moving average has not been positively tested yet, while 200 week simple moving average has been, so might be further downside and retesting the supply levels…
lets wait for the change of character to start and this down trend channel to be broken out, that will indicate absorption is complete… there after enters on minor last point of support formation shakeouts would be ideal…
overall a positive structure, waiting for the downtrend to exhaust and change of behavior showing rallies on demand would be very important to validate this theory, where letting the price fly up to see demand take control is more important than buying low …
241 might be tested…
disclaimer… not positions, not tracking