HIBISCS - Re-Accumulation in progress?
Hi
Possible Wyckofff Reaccumulation phase in this counter
A - a major support turned resistant line
1 -Preliminary Supply
2 - Buying Climax
3- Automatic Reaction
4 - Spring on light volume
Up move from 4 to 5 - minor Sign Of Strength /Jumping Across Creek
6 - No Supply bar
From 2 to 5 , volumes had decreased which may indicate gradual accumulation by Smart Money
The rally from 4 to 5 was associated with increasing volume , followed by reducing volumes during the reaction from 5 to 6.
I'm looking forward for price to rally again up till the upper line B. If price manage to rally and close above B in strong increasing volume , it may indicate major Sign of Strength and price may mark up further.
Trade at your own risk.
Possible Wyckofff Reaccumulation phase in this counter
A - a major support turned resistant line
1 -Preliminary Supply
2 - Buying Climax
3- Automatic Reaction
4 - Spring on light volume
Up move from 4 to 5 - minor Sign Of Strength /Jumping Across Creek
6 - No Supply bar
From 2 to 5 , volumes had decreased which may indicate gradual accumulation by Smart Money
The rally from 4 to 5 was associated with increasing volume , followed by reducing volumes during the reaction from 5 to 6.
I'm looking forward for price to rally again up till the upper line B. If price manage to rally and close above B in strong increasing volume , it may indicate major Sign of Strength and price may mark up further.
Trade at your own risk.