ASN 4.35% 11.0¢ anson resources limited

Consider Fridays close quite positive, although bigger volume...

  1. 667 Posts.
    lightbulb Created with Sketch. 169
    Consider Fridays close quite positive, although bigger volume would have inspired more confidence in price holding. Closed right on the upper bolly band and above the (pink)  65 day EMA.  In my view an important support resistance point. Close is also above the 23.6% Fib, currently at 10c.

    Regarding price relative to moving averages on the daily chart. SP since Feb 21 has bounced off the (light green) 9 EMA.  Which, if you subscribe to this being an important support zone has been closely tracking the (dark green) 9 VWMA.  Both of these MA are also tracking above the (red) 13 EMA.   So, obviously no clean breakout as SP currently squeezed between the 65 and 9 EMAs.

      
    Current close of 11c represents short term resistance.  Assuming no major announcement Monday I see a trading rang of between the current resistance point and support of 10c.
    Once above moving averages cross above 65 EMA should see some northward movement of SP.  Further resistance points are 12, 13.5 and major resistance at 15c.  Price points that neatly dovetail with 38.2%, 50% & 61.8% Fibs.
    However all of the above needs more volume to be convincing and sustainable. Particularly cracking the 61.8% (15c) Fib.
    If worse case scenario emerges I see BB, 20 SMA acting as support.
    New ASN Daily.png
    Additionally weekly is showing quite a bit of work to do before we break to the upside.  The snapshot below of the weekly shows that we are currently squeezed between the 9 and 13 week EMA with the 9 being below the 13, not ideal.  Although on a positive note the indicators are turning upward.
      
    ASN weekly.png
    As everything is  below both the BB 20 week SMA, currently at 12.5c and the 65 week EMA currently at 15c, Adding to the likelihood that these will be major support resistance points
    LIT EFT showing also  squeezed between MA with weekly close being a bearish Harami, adding more weight to upward movement in ASN SP
    LIT weekly.png

    Just my thoughts and charting perspective.
    GLTAH
    Charlie
 
watchlist Created with Sketch. Add ASN (ASX) to my watchlist
(20min delay)
Last
11.0¢
Change
-0.005(4.35%)
Mkt cap ! $141.7M
Open High Low Value Volume
12.0¢ 12.0¢ 11.0¢ $217.6K 1.915M

Buyers (Bids)

No. Vol. Price($)
19 1045217 11.0¢
 

Sellers (Offers)

Price($) Vol. No.
11.5¢ 73624 2
View Market Depth
Last trade - 16.10pm 02/05/2024 (20 minute delay) ?
Last
11.0¢
  Change
-0.005 ( 8.33 %)
Open High Low Volume
12.0¢ 12.0¢ 11.0¢ 1429140
Last updated 15.59pm 02/05/2024 ?
ASN (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.