Paging TA and demand zone experts... pls help me to understand this:
so, 1) says "false bullish breakout"
1. Why does "2) 0.215 range low held up once again keeping the long term uptrend intact"? Why does that keep it intact? There are trillions of charts that show this, and after a while, it drops below this support.
So how would u determine that it would "keep the long term uptrend intact"?
When it drops below 0.215, then you'd say that is has "broken the support" and then the uptrend is no longer intact? But if so, isn't it reactive? What useful application would that have since you're always behind the information curve?
In fact, even in this same chart, there's also a horizontal support line at ard $0.25..... but it went down also right?
2) More importantly......
why does "3) Bullish break above the 0.23 range high and 20,60MA with increasing volume suggests further upside next"?
Cos earlier, "1)" already says there are 2x "false bullish breakout"
Why is it this time it's not another "false" breakout? Why does it suggest "further upside next"?
I mean, logically, one can also say it suggest a "third time false bullish breakout" cos there were other instances?
I'm just trying to understand the logic behind this arcane science.
Is it logic, or is it emotional interpretation?
Is it predictive, or is it reactive?
Technical Pulse: Geo Energy Resources Ltd
Geo Energy Res Ltd – Daily timeframe (Update from 18 April 2018)