Long $BSMX Day 11 Analysis

Today was a good call from yesterday’s game plan. Volume was still above average today, but less than yesterday. Even on the lower volume, we got a little gap up and closed with solid gains.

micro analysis

 

 

Here is today on the 15 minute chart. Today got off to a good start, but then something happened where I have those three candles noted. Those three are anomalies where effort and result are not in proportion.

The first bar looks like a lot of indecision. The bigger effort had little result because the buyers and sellers, for the most part, canceled each other out. You can see it in the candle that is a bit of a doji. The next candle seems like a big result for such little effort. The last one is just the opposite, little result for such big effort.

It’s unclear what happened there, but I don’t think its a coincidence that, from those three bars, it meandered down on low volume. Be that as it may, the important part is that hammer at 1:30. It stopped the decent and recovered a good bit of the down drift on increasing volume.

macro analysis

 

Here is today in the context of the last 17 days. First of all you can see today’s volume was still high, but lower than yesterday. Today’s candle even looks like somewhat of a doji, even though, it gapped up a little at the open.

I think there may be some nervousness in there because it feels overbought, which brings me to the second thing. I went all the way back 17 days because it was then that we made a low. The next low was yesterday. You can see yesterday’s low was a HL. So, our next obstacle is to take out $10.70 and make a HH.

If we do that, then we will have made a series of HL’s and HH’s. Perhaps then the anxiety will subside and we can make a definitive move up.

global analysis

 

Here is the weekly. The week is still shaping up nicely.

tomorrow’s game plan

I think we will continue to see cautious moves up until we make a HH above $10.70. Above $10.70 we get a definitive move up.

 

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