Looking at the ORE.ASX weekly chart, similar VOLUME CHARACTERISTICS as LIT ETF ( see prior post). Huge volume at a LONG TERM RESISTANCE ( see dashed horizontal resistance line in Red) over the last couple of weeks but NO SHORT TERM BEARISH REVERSAL yet (27/04/2016). End of week close below the low of the bar highlighted with yellow is required for that ( short term reversal). The low of that candle as can be seen is $3.03. Should we see an end of week close ( not intra week whipsaw)below that level, that may suggest a correction pullback in the short term weekly.
Question that I ask myself, are we in some sort of a potential DISTRIBUTION or RE ACCUMULATION unfolding over the coming weeks ? All this activity is unfolding at a LONG TERM RESISTANCE requiring further analysis.
ORE.ASX Weekly Chart Below. Few comments about the daily also below the chart.
On the daily chart not shown, yesterday’s price action did give us a short term daily bearish pivot point reversal.
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