Look at the volume study. PA was driven up to an area that attracted very high activity. Note the red Bear bar that coincides with the highest price in the drive up and with PA starting back down. Whichever way PA goes out of the range, it looks like the time has involved a lot of portfolio "adjusting" on the part of BBs. If this last trip back up to the previous highs offers any clues, what with all the activity then generated at the highs, it appears selling dominates. The BBs got the price back up where they wanted it and then took lots of advantage of it, closing longs (selling) and opening shorts (selling). Buyers previously dominated at the bottom of the range, but with less "force". It is as though the sellers were more than willing to let the buyers move the price up, so the majority of selling could be at higher prices. Maybe the next trip down will overpower any remaining buyer "force".
The overall trend is bearish. And the Dragon continues a downwards direction. But the BBs are hard at work. And until they get their ducks lined up (portfolios adjusted), they'll keep the price in a range.
All speculative, though.
The overall trend is bearish. And the Dragon continues a downwards direction. But the BBs are hard at work. And until they get their ducks lined up (portfolios adjusted), they'll keep the price in a range.
All speculative, though.