SP Movement & General IAM Chatter, page-259

Chart update.

Nice close today as buyers stepped up to the plate again (continuation of buying from Euroz? after few days hiatus?).

A number of bullish signals come into play (imo – again I stress that I don’t consider myself to be a chartist but like to test my knowledge so dyor). 2.8c support line held up nicely just as well because up until today the buy side was weakening in the absence of news and the sell side was gaining strength. But today’s bounce off 2.8c supports cup-handle pattern. Hopefully momentum will continue from here and test the 3.7c ceiling.

Also note that the 50dma is kissing the 200dma and if it crosses (see blue circle on chart) then we have a bullish golden cross formation. It’s certainly been another test of one’s fortitude to see the price retrace from 3.7c!

Add to the promising TA, imminent news of the CBA pilots; updates on the other pilots/trial; potential acquisition etc etc. and we could well be on the move to test the next resistance levels and beyond. But the news has to be promising so again please dyor.

No wonder Patrick tweeted his word for 2018…​

Patrick Canion‏　@Patrickcanion Jan 7 Stay #strong !

GLTA, Henry
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