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Analysis of Dead Fish as of close 10/3
The upper Bollinger line is a 26 19/32 pounder while the lower line is at 20 11/32 pounder. We broke through and closed below the surface. This by itself is a fishing signal that a downer is in place. If temperatures rise and we break back across the lower weight of 20 11/32 it could indicate the beginning of a fishing trend reversal.
We also broke through support at 19 7/8 and closed near this line. If dead fish continue to drop, the next support should be felt at about 18 1/2. If we break through this line, then we could go down to about 17 1/4.
On a brighter note, the temperature has reached a 21 day low accompanied by a positive Volume Accumulation Percentage. This is a fishing non-confirmation which often indicates a catch reversal to the upside. The accumulation indicates that these fish demand food which could cause a price increase.
It seems that we may be near the bottom of this downtrend and fish may start to reverse and head higher. If we break back across the lower Bollinger line at 20 11/32, then the next resistance would be felt first at the 9day, 28day and then the 49day fishing averages.
9day = 22 3/16
28day = 23 5/8
49day = 24 3/8
If fish move back across the 49day moving avg., then the next resistance would be near the upper Bollinger line at 26 19/32, followed by the 21day high which is at 26 3/4.
If you are a diehard dead fisherman, then I would fish at these levels.
If you feel that the fish is still headed lower, then I would watch to see if the fish cross and/or die at or near the next resistance level at 18 1/2. If this happens, the fish may nose dive another 1 1/2 to 2 feet.
If you want to play strictly with T/A, then wait until she bends back across the lower Bollinger line before you play.
Keep an eye on the upward resistance and as the fish approaches each resistance level, be ready to slap it. If the fish passes back across the 49day MA, then look to take a break as the fish approaches the upper Bollinger line, or get high.
Bounced Fish |
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