DIGI - beginning of mark up phase?
Hi, DIGI had been hovering around the horizontal line A (4.230) which is an axis line (where support became resistance and vice versa).
The story :
Price made a down move no.1 which ended at the low B, then rallied again.
Then it made another attempt with down move 2 with the low at C, it was able to go slightly below the low of B, but then rallied again.
The third attempt, down move 3 again failed to break below the low of B and C. It rallied and managed to close above trendline E.
Looking at the volume waves on the Weiss indicator, the down move 2 had higher cummulative volume than down move 1 but failed to sustain below the low of B (hugh effort but no result), which may indicate the higher volume could be professional money buying.
The third down move 3 had lower cummulative volume compared to down move 2, and this I think was the "test" of low C (to see anymore supply in the market that can bring the price lower).
I'm looking forward for price to rally at least until the recent major high at 4.680.
Trade at your own risk. Comments are welcomed.
The story :
Price made a down move no.1 which ended at the low B, then rallied again.
Then it made another attempt with down move 2 with the low at C, it was able to go slightly below the low of B, but then rallied again.
The third attempt, down move 3 again failed to break below the low of B and C. It rallied and managed to close above trendline E.
Looking at the volume waves on the Weiss indicator, the down move 2 had higher cummulative volume than down move 1 but failed to sustain below the low of B (hugh effort but no result), which may indicate the higher volume could be professional money buying.
The third down move 3 had lower cummulative volume compared to down move 2, and this I think was the "test" of low C (to see anymore supply in the market that can bring the price lower).
I'm looking forward for price to rally at least until the recent major high at 4.680.
Trade at your own risk. Comments are welcomed.
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