Ascott

A descending wedge formed from the highs of July and August. Volume from 20th Sept indicates selling pressure increasing since then. Indicators do not look pretty. The increased volume and negative divergence of the indicators point to a possible retracement to 38.2% ($0.95) and 23.6% ($0.915).

The likelihood of Ascott bouncing off the 38.2% retracement is high but beware and assess the sentiment before taking a position. I think a clearer picture will emerge by Wednesday for a possible entry point.

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