TSXV:RHT.H - Post by User
Post by
mulinekon May 29, 2018 7:49pm
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Post# 28096413
Reading Charts
Reading ChartsInteresting day and may be interesting Chart.
We sold off in the morning touching the superficial trend line I created day before. It worked and price stopped at 1.30. You can also see it corresponds with Fibonacci Retracement 61.8% at 1.31. We also got a pretty good volume on the rebound. So we had Hammer (Friday) and Inverse Hammer/Doji on Monday. I wanted Dragon Fly Doji for today or Abandon Baby but got something between Doji and Dragon Fly. This could be good for the rebound except we have meeting and Conference call awaiting in next two days. Each event can ruin technical picture easily. Support at the trend line 1.28 and 1.20. Resistance at EMAs 1.51/1.61 and trend line 1.75.
RSI5 very oversold and started moving up as well as CCI. Stochastics are “thinking” about crossing and moving up.
Be careful, stock might be ready for the rebound on technical bases, but anything from next two days that market doesn’t like can easily shave extra 20 cents.
As the disclosure I opened my positions today.
Happy Trading