Congrats Goh, and thanks for your support.
As expected, there was a strong selldown within the channel. Prices may rebound or consolidate, now that they are near the channel bottom.
Many people have been asking me about Noble, and to me it looks bearish. After gapping down, it has never really reboubded or recovered, instead merely consolidating sideways. This is typical of weak stocks. If we use the gap down as a flagpole, we can measure a doomsday scenario estimation for Noble. Do note that this is just a best guess estimate.
The Dow Jones is fighting upwards, forming a giant wedge as it does so. This means that it is losing power as it pushes higher. After the breakout on Tuesday which crossed the key 12,300 level, we have seen two days of hesitation in the form of two long-legged dojis (today’s doji is not shown), but they have managed to stay above 12,300. Looking at the slope of the wedge, there is a good chance it will be able to test the old high of 12930.
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