ResearchSeeker wrote: The question is, who will win the war. The technicals to pay attention to this week, are in regards Fridays closing price. There are candlestick patterns that could set the tone for manipulation next week. The weekly candlestick chart is what I am referencing.
Most bullish is a closing price in the range of $5.35 to 5.67. This would complete three white soldiers, or three advancing soldiers. This is a bullish continuation pattern. It could cause more momentum traders to go long.
Neutral would be a closing price between $5.15 to $5.34. Could make a doji, or a small candle that is not really anything traders will concern themselves with.
Less Bearish would be a close between $4.92 and 5.14. This would cause anticipation a dark cloud cover, and could cause momentum traders to reduce their positions late Friday afternoon, and into next week.
More bearish would be a close of $4.63 and $4.91 or less. This is a dark cloud cover. If this appears likely on Friday, there could be higher volume, and a greater price decline next week. A close of $4.62 or less, makes a bearish engulfing pattern, which is the most bearish pattern. Based on the last two weeks of action, this is unlikely to happen.
The manipulators must decide whether or not to risk inventory reduction, by driving Baytex downward. There are only six more full trading days until FY/Q4 of 2021 are reported, and we already know this report is going to be positive. Stay tuned, it could get interesting.
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