Evening TAI wasnt around today to watch the stockmarket. Was at a charity golf game.
Looking at the movement today, it looks like the traders that sold off their positions at .96 yesterday are still correct in minimizing their risk and locking in their profits.
The traders who held would have sold off their position when the stock failed to break through the resistance at 1.09 and would be in cash again.
RSI, MACD and Slow Sto appear to be bottoming, but a serious indicator, the ema20 and ma50 are getting very close with the ema20 sitting at 1.19 and the ma50 sitting at 1.14. If the ema20 crosses over the ma50 it indicates the beginning of a long downward trading line going forward.
It is crutial for the stock to break and hold 1.09
The trader will not take a position in this play until either the stock has broken through 1.09 or the bottom has been established.
Cash is king and time is on the traders side.
Happy Trading all,
Mediascan