By: Rio Adrianus, CSA
'
There is no
follow through after sell-off yesterday. So, there must be buying hidden in
yesterdays fall-out. The effort in pushing the market down is immediately
reversed. This could potentially be bullish. If the smart money is intent in
buying, not just short covering, they will test the market for supply. If the
supply is scarce, it will show in volume. What is certain for now is that the
buyers are coming in. There will be struggle in pushing the price up as well. They
will have to deal with lots of overhanging supply near 5880. The test will show
us whether supply has dried up or not. You can’t push prices higher for long if
there is significant supply in the market.
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