TENAGA - No More Supply?
Hi,
The price had been in a downtrend for quite some time, and now hovering near the major support line A
We saw a wide spread down bar with high volume at 1, then price went side ways. Bar 2 was another down bar with ultra high volume, but yet price did not go down any further. Therefore probably smart money has bought at this level, and accumulating this stock
At 3, price broke above the down trend line B, and this may be the change of behaviour prior to mark up
And finally at bar 4, it was a down bar with super low volume (lowest within the last many many bars), which may indicate no more selling pressure.
It may take some time before price eventually goes up, but I personally do not think it will go lower due to all of these signs of strength.
The price had been in a downtrend for quite some time, and now hovering near the major support line A
We saw a wide spread down bar with high volume at 1, then price went side ways. Bar 2 was another down bar with ultra high volume, but yet price did not go down any further. Therefore probably smart money has bought at this level, and accumulating this stock
At 3, price broke above the down trend line B, and this may be the change of behaviour prior to mark up
And finally at bar 4, it was a down bar with super low volume (lowest within the last many many bars), which may indicate no more selling pressure.
It may take some time before price eventually goes up, but I personally do not think it will go lower due to all of these signs of strength.
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