Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By HfjNUlYZ (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Selling climax almost complete for ALX

% of readers think this story is Fact. Add your two cents.


Another stock which looks set to fall further and dramatically is ALX, and from a technical perspective this stock is now testing a key level in today’s trading session as it trades at $357.69 at the time of writing. And the reason for this weak technical picture, is the price pattern the stock has developed since early February coupled with the volume profile.

First to the important price levels, of which $355 is now extremely significant, as below this is virtually ‘fresh air’ all the way down to meaningful potential price support in the $315 area. Coupled with this, the volume histogram also has low volume from $350 through to $320, and again with such light volume, any move through here is likely to be rapid as a result.

And so the price pattern from early February to today, which has developed a classic head and shoulders, with the right hand shoulder now being completed. Note also the volumes over this period which are dramatically higher than average and confirming the selling climax now coming to an end. The start of this climax was signaled on the 5th February with extreme volume and an upthrust candle on the day as the market makers sold out into a weak market. This was followed by the expected pattern of further selling into weakness coupled with a rally into the high on falling volume where further selling then ensued. Now we are waiting for the final piece of this cycle to complete with a reversal from a primary bullish trend into a primary bearish trend, with the trend monitor confirming this view.

By Anna Coulling

Indicators from Quantum Trading and charts from NinjaTrader


Source: https://www.annacoulling.com/stock-trader-tips/selling-climax-almost-complete-for-alx/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.