RE:Today's lower high and then tomorrow's ______Reversal of 8 percent on good volume feels 'fake'? Haha. There will be a lot of people chasing the stock once the upside trend is confirmed again over the next couple of days. Stay GOLDEN my peanut brained friend! Moose
Savvvyinvestor wrote: Its nice to see Weed forming a lower high in response to the ruthless gutting that we've all witnessed over the past week(s). This has certainly cooled off the RSI and helped settle the stock down a bit.
What isn't clear for many is where from here?
If the funds/whales or institutional shorting decides suddenly to return, the sentiment will definitely change suddenly back for the worse. And for all those buying in now, watch the greed shift to regret FAST.
The thing with trauma is that it takes time to process, digest and trust again. To sell off from the $48 highs to where we are currently has been rupturing for some longs and investors. Not all the thick skin ones mind you, but nevertheless its illustrated in shocking ways that the SP is in their domain and control.
In the coming weeks it is likely that we'll start to see a transition back to trust, but in the interrim what isn't clear is how much gutting is left to go before we get to ground.
From the conservative funds who are selling/shorting perspective, these prices are still speculative and on the ripe/high end. $28-30 CAN feels like it would give the bottom something real to stand on. It may be that it will never get there. Today's reveral felt too fake or easy. That said, given what we've witnessed in the past weeks, I'm doubful that there isn't any more downward retracement to go.
Buying at these levels could lead one easily to regretting it should the funds step in and continue to unload. At this point, it doesn't make sense that they'd hang back and not give the SP one last push face first into the dirt.
Maybe its just me, but I don't see the guys unleashing that misery not planning for another round down. At the very least, one last good colon cleansing to get this out of their system..