FKLI - possible mark down after distribution phase?
Hi,
It seems like FKLI had a possible Wyckoff distribution phase below the horizontal line A, which was a major resistant line from end of 2019.
Price had been in a trading range between the high at point 1 (possible buying climax) and the low at point 2 (possible Automatic reaction according to Wyckoff distribution schematic).
Point 3 could be an upthrust and we saw price dropped in strong move down to point 4. This move from point 3 to 4 could be the Sign of Weakness according to Wyckoff schematic. Then from point 4 price rallied slowly to the current price , which could form the "Last Point Of Supply", before price mark down further.
Looking at the volumes, the volume was increasing during the downmove from point 3 to 4, and the recent rally from point 4 is associated with decreasing volume.
This is just my observation based on my current understanding of Wyckoff method, and honestly I'm still very new at this. Please do not take this as a signal, and any comments/feedbacks are much welcomed.
It seems like FKLI had a possible Wyckoff distribution phase below the horizontal line A, which was a major resistant line from end of 2019.
Price had been in a trading range between the high at point 1 (possible buying climax) and the low at point 2 (possible Automatic reaction according to Wyckoff distribution schematic).
Point 3 could be an upthrust and we saw price dropped in strong move down to point 4. This move from point 3 to 4 could be the Sign of Weakness according to Wyckoff schematic. Then from point 4 price rallied slowly to the current price , which could form the "Last Point Of Supply", before price mark down further.
Looking at the volumes, the volume was increasing during the downmove from point 3 to 4, and the recent rally from point 4 is associated with decreasing volume.
This is just my observation based on my current understanding of Wyckoff method, and honestly I'm still very new at this. Please do not take this as a signal, and any comments/feedbacks are much welcomed.