Originally Posted by
JohnnyTheHorse
We have retraced ~70% from the previous weekly high (wc 12/4) and low (wc 17/5) so odds strongly favour a weekly higher low being set (i.e. not falling below previous lows). Ideal scenario for the bulls is a retracement up to a maximum of AU$6.50 and then continuation, forming a weekly bull flag. I am still looking for the weekly lower high to be set, with the strong resistance rejection on Monday and daily overbought RSI indicating to watch for this. The bear volume hasn't be convincing though.
Disc: have been day trading with bullish bias last few days, however short again on NZX as of this morning, will short further on ASX if it gaps up on open (tight stops as am trading counter trend and further upside is real possibility).