XTL 0.33% 4,348.2 s&p/asx 20

Hot Copper Charting and Chat, page-9

  1. 825 Posts.
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    Morning all, out watching my daughter perform live on stage last night so excuse the tardiness, amazing voice she has, great night. Tried to look into PLS when I got home after a few and I've followed up this morning, not completely obvious what's currently happening but I think I've summarised it the best I could.

    PLS - Price appears to be subject to some Weakness up here following some substantial profit taking up to the Selling Climax and into the following Automatic Reaction. The Secondary Test was weak, not even reaching halfway and could be considered the Automatic Rally of the smaller Trading Range price currently appears to be responding to.
    I'm not sure this latest shakeout bar is the strong bar we'd like to see as the Final test in Phase C as the volume/spread appears to be still reducing so commitment is potentially still low, it may be enough however to pull price back into the range, however this effort could be in vain as it does appear to be still just hanging in there and for this reason I've marked the Upthrust of PSY2 line as Last Point of Supply (Similar effect in response to a Spring of the lows) and continued weakness here with a close below the Range could confirm this view and see a rollover effect with price collapsing into the previous Range below seen on the Weekly, I'd be interested to see the Short position here. At best for now I think a continued move sideways through the Minor Range to build further Cause. A further theory follows on the Weekly in relation to Cause Determination of the lower Trading Range not seen here.

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