I thought I would throw up a different daily view of AJX using a line chart of the closing price. The horizontal line is today's closing price and I have added a trend line. Without the distractions of candles or bars it presents an interesting picture.
Surprisingly it portrays a sense of normality with the current price sitting around a pretty clearly defined area of support and resistance and close to tracking the medium/long term trend. Of course the current price action looks to be delicately balanced and there is a bit of a bulls V bears battle going on around these levels.
Trend lines are also a reflection of support and right now the price action is sitting right on the trend line. Now if I was trading I would be following AJX pretty closely because it is a prospective buy for aggressive traders but more conservative traders would be looking for a confirming bounce from here. Of course a break down through the trend line is in the frame too but who knows?
Finished flat today which was good considering - so maybe there is a glimmer?
Daily COB November 20
AJX Price at posting:
79.0¢ Sentiment: Buy Disclosure: Held
