TSXV:RTI.H - Post by User
Post by
Ducksoup000001on Jun 06, 2017 8:41pm
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Post# 26332932
TA after two days of sell-off - did we see the bottom?
TA after two days of sell-off - did we see the bottom?In case you missed or have ignored my post dated May 25 go read it. The thoughts behind the analysis and comments also leads to the selloff in these two days. You just need to replace those sellers not intend to hold for the News to those sellers not intend to hold after the News.
First and foremost, the near term uptick momentum is still here but will depend on if there is a rebound for the next several days accompanied with above average trade volume. A technical rebound is possible. In the last cycle it takes 2-1/2 months for the sp to retrace 49% (0.92 to 0.47) on low average daily volume. This time it takes 2 days to retrace 36% (0.82 to 0.50) with 15 million shares. The data is per Stockchart. In other words, more than 10% of the float changes hands. This is a classic capitulation resulting in under-ownership in any way you look at it. And we are back to the level of two weeks ago where $0.49 - $0.50 is now the support. Fundamentally the prospect of the company is better and much more to look forward to. I will be surprised we don't see a technical rebound from both short covering and bottom fishing as the risk/reward ratio is favourable.
The immediate price target/resistance level is $0.57, $0.61, $0.66, $0.71 and $0.85. How long it will take to get there? By the close of this Friday we could have a clearer picture and answer - V shape or L shaped price pattern from here. Again huge volume has to come back for a sustained recovery. Watch carefully the sp of ACB if it is tanking as this is the other thing that may stall a RTI recovery.
The opinion is all mine. Hope it offers some help and if you feel it is useless pls tell me and I will gladly stop posting here.
Good luck all.
PS. I have a decent position but not more than 50000 shares.