Surely not a Head and Shoulders topping Pattern forming here. Well, to be honest my gut feel says NO ... BUT certainly the basic requirements are in place(apart from confirmation ... breakdown below neckline at 17c with increased volumes) ... enough to be very cautious. Certainly, ADO could get down to about 14c or even 11.5c at a real pinch and still not destroy any hopes for Long-term Bulls.
What is clear(to me) is that many past and current interested participants in ADO have become disgruntled or disillusioned over the past few months and have exited completely if not partially.
From a speculative trade point of view some may view current levels(or if we get to 17c) as a low risk(tight stop) possible good return level for a buy. Now this is not a BUY recommendation just an interpretation of ADO's chart.
ADO ... Chart
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Last
1.9¢ |
Change
0.000(0.00%) |
Mkt cap ! $46.90M | |||
| Open | High | Low | Value | Volume |
| 1.9¢ | 1.9¢ | 1.9¢ | $23.42K | 1.233M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 1142321 | 1.9¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.0¢ | 339684 | 2 |
View Market Depth
| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| ADO (ASX) Chart |