When I was looking at ARA's chart last night, I decided that I should do a partial divestment. I would sell those shares I bought on 4 Oct, Tuesday.
Why? Volume was relatively thin. Up days accompanied by such thin volume are suspicious.
I decided that there would be resistance at $1.16 because that was the price at the start of two long black candle days and with high volume to boot.
Shareholders who had wanted to divest then but did not do so at $1.16 would remember that price. They would also remember how a low of $1.015 was hit by the close of the next day. That was a whopping 14.5c loss in just two days!
Mr. Market remembers extremes well and would try to divest if $1.16 should be tested. Today, the counter hit a high of $1.165 before closing at $1.15. The resistance at ......
When I was looking at ARA's chart last night, I decided that I should do a partial divestment. I would sell those shares I bought on 4 Oct, Tuesday.
Why? Volume was relatively thin. Up days accompanied by such thin volume are suspicious.
I decided that there would be resistance at $1.16 because that was the price at the start of two long black candle days and with high volume to boot.
Shareholders who had wanted to divest then but did not do so at $1.16 would remember that price. They would also remember how a low of $1.015 was hit by the close of the next day. That was a whopping 14.5c loss in just two days!
