AXIATA - Path of least resistance is up
Hi, I think AXIATA has completed its accumulation period and will be going up soon
Line A is a major support line, and price had been in a downtrend until it reached this level
Bar 1 (Aug 28) & 2 (Sep 1) were down bars with ultra high volume, indicating that Smart Moneys had stepped in to buy this stock.
Bar 3 (Sep 2) was a small spread bar but the volume again was ultra high.This indicate that Smart Money was taking (buying) all the stock offered at this level, and not allowing price to go lower.
Bar 4 (Sep 4 ) was a No Supply bar : its a down bar (the close was lower than the close of previous bar) with volume lesser than previous 2 bars
Bar 5 ( Sep 8) was the "change of behaviour" action : it was a wide spread upbar breaking above the down trendline B. It also was the biggest up bar since mid May 2020.
Bar 6 (Sep 11) was again a down bar with volume less than 2 previous bars, therefore a potential no Supply bar.
With all of these Sign Of Strengths, , I'm looking forward for price to rally at least until the recent major high at 4.00.
Trade at your own risk. any comments are welcomed.
Line A is a major support line, and price had been in a downtrend until it reached this level
Bar 1 (Aug 28) & 2 (Sep 1) were down bars with ultra high volume, indicating that Smart Moneys had stepped in to buy this stock.
Bar 3 (Sep 2) was a small spread bar but the volume again was ultra high.This indicate that Smart Money was taking (buying) all the stock offered at this level, and not allowing price to go lower.
Bar 4 (Sep 4 ) was a No Supply bar : its a down bar (the close was lower than the close of previous bar) with volume lesser than previous 2 bars
Bar 5 ( Sep 8) was the "change of behaviour" action : it was a wide spread upbar breaking above the down trendline B. It also was the biggest up bar since mid May 2020.
Bar 6 (Sep 11) was again a down bar with volume less than 2 previous bars, therefore a potential no Supply bar.
With all of these Sign Of Strengths, , I'm looking forward for price to rally at least until the recent major high at 4.00.
Trade at your own risk. any comments are welcomed.
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