Trading volume for ARA expanded today, being the highest in six sessions, which helped to form a long wickless white candle. This is the most bullish of candles. Could we see its share price climbing higher tomorrow? We could.
However, I have completely divested my long position in ARA and would not be able to benefit from further appreciation in its share price, if any. Completely? Yes. My overnight sell orders at $1.26 and $1.30 were both filled today. So, does it mean that I believe that ARA's share price has peaked for now? I don't know if it has peaked but I feel that it is nearing a longer term and, most likely, stronger resistance.
Longer term resistance? Connecting the highs of 31 May, 1 Aug and 1 Sep will give us a clear trendline which approximates the declining 50dMA which is at $1.32 thereabouts. If this resistance ......