While many believe in support and resistance. I only believe in BBs buying and selling. There is no resistance and no support if the stock wants to break through the barrier. Look at the recent Informatics, Mewah and Rowsley, the high just goes higher. Nothing is too high and nothing is too low. The stock market is not about intrinsic or true value, it's about how processes and how price is being manipulated up/down.
Just saw a post about Sinograndes in the SMMG Club. Definitely worth the study, the why and how prices are manipulated and breaking through all resistance levels. First there was some hidden buying to secretly absorb prices then followed by a gush up of rising prices, some absorption (there is no profit taking!) and followed through with a further breakout. It's as simple as that. Of course, the TIMING element is still very important to find an entry price. In my course, I shall teach simple and effective processes which virtually almost always allow me to spot the top/bottom and before a stock is about to breakout/breakdown.
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Ronald K - Market Psychologist - The Big Speculator