2022 Charts, page-2250

Positive aspects.
Histogram is rising & showing a divergence
Stoch 5 is above the sig line & rising through the O/S line (20)
Stoch 14 is above the sig line & rising

Negative aspects
Stoch 14 is in the oversold area
Stoch 5 is in the bearish zone below 50
MACD is below its sig line & trending down

Outlook
The daily volumes have been largely net selling totalling -3,292,605 last week but removing the daily short trades, that number reduces significantly to less than 1 mill net selling.

The daily chart however is showing considerable resistance at 48 largely attributed to the shorter’s efforts imo.
Given the very large number of Loaned / Borrowed shares by the shorter’s and the highly volatile O/S markets I expect that resistance to remain & the sp to come under pressure to force the sp down potentially to around 41 – 44.
That downside target / expectation is also reflected in the weekly charts.

If on the other hand, the early signs of change by the daily indicators are going to continue then there may be a counter rally back to the next resistance up around 52.5 – 53.5 where there is a bearish FVG

Weekly
The weekly indicators are still all pointing down but support still appears to be holding at the 38% line around 47.5 – 48.
A good sign maybe, is that volume continues to dry up & the weekly net selling numbers around 3 million are 1/5 of the amount when the selling started back on the last week of Sept.

The fair value gap is still open though & covers the 41.5 – 46 area which is in the vicinity of the 50% retracement line.
I still believe that this is a likely downside target.
Below that we have the 61% level around 39 is also a likely & regular area to retest over the coming weeks.

An upside rally could take the sp to the next resistance at 51.5 – 52 but the shorter’s seem to be in control just now & have not borrowed 45 million shares just to wallpaper the lunch room, so my expectations are for the sell pressure to continue & eventually fill that gap.
There has been some decrease in the open short positions & as of last Mon these are down to 2,401,074
The weekly reported shorts up to Thu were 45% of the weekly net sell vol.

Meanwhile the commissioning of the 2kt pa plant continues.