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What I thought was no supply was quickly negated the following day and supply entered the market on a nice down spread on increasing volume. Price did probe the top of the previous box, and with higher volume on the down move, decent spread and closing near the midpoint of the bar...would could *think* we've got a little upside to possibly see.
With this being a real estate ETF...I think downside is more to come as we've broken the primary uptrend line. If we do end up closing inside the previous box, look for a continuation to the bottom around 70. |
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Tin, is that up trend line there mathematically calculated or just visually? That support at the box hasn't been broken yet on that chart. I see that the volume on the down moves as still being smaller than on the up moves so maybe the bulls are waiting patiently for price to the come back down to support. I wouldn't be surprised if on the L2 you see a lot of long orders around the 75 mark. However the last few bars do show an increasing volume to the downside.
I'd stay out of this one for a while till something a bit more concrete comes up!