Looks like we essentially followed the US Lead range of 1375 - 1424, except take 4 cents or so off: 1368 - 1420.
We now have a rising wedge formed on the chart. That would be expected to break down, but it looks to me that, while it could break at any point, if it follows the classic wedge behaviour, we would expect it to break about 2/3rds along which looks to be about 6 days away, with a peak of around 1475 (our original target!) Now the problem here is that that takes us through the end of the month to the 5th Sep. EOM is traditionally very volatile for AKE and if it has been rising strongly before it usually sells down for a couple of days before EOM. That wedge is pretty tight and can't really take a sell down.
It is interesting that we tracked the US lead again, and with quite high volumes. On the face of it I think I'd be expecting it to bubble up for the next couple of days at least, and if it breaks upwards my instinct would be that it would be seeking the 1470-1480 target zone.
RSI is right up there so there is little room to grow, but there is enough to run a wedge for a few days. It is looking very much to me at this stage that it is going to hit that 1470 target and probably stay in the wedge for a day or so and then burst up hit the target and fall back through the wedge. No science in this just "feels". If it gets to 1450, then it would take much to jump to 1470. However, there is almost another $1 in that target from here.
AKE Price at posting:
$13.91 Sentiment: Buy Disclosure: Held
