Likewise, "whats going on" to the whole Global Equities market..I have been investing for 47 years now and I must admit I have got no idea what the Equity market is doing atm...The equity market is meant to be forward looking and in my opinion that suggests the market is extremely over valued..As far as AIR (a cyclical stock dependent on economic conditions) is concerned the price rise, a relief rally or not, makes no sense to me fundamentally..
Market runs on sentiment and when sentiment conflicts with Value TA becomes the better investment measure, as TA measures sentiment...
The chart below shows the recent 40ish% gain off a shocking plunge..AIR is a bear and in market theory the price rally suggests a bear market correction which will end with a lower high at a resistance point (line)..The nearest resistance line is a gap line and today AIR has ignored it and broken through thanks to the positive momentum of the markets overnight...However this TAer takes this optimistic price break as a precaution that AIR is still a hold..but buying/accumulating needs confirmation as to how far further this rally can go..after this break trough the $1.50 is the next resistance area which coincides with closing the gap, I monumental task I would have thought but at the moment the markets are insane so I don't disregard any targets..
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