Daily 14 Apr
Positives
MACD is above the sig line & rising
Histogram is above zero & rising
Stoch 14 has crossed above the sig line & rising
Negatives
Stoch 14 is still in the oversold area
Stoch 5 is in the bearish zone below 50 & below the sig line
Outlook
Despite the early positive signs, I am not at all convinced that we have seen the last of the pressure & I doubt that we can fully recover without some decent announcements.
However, in the s/t for this coming week I do expect to see a higher high than last week.
Moving back up to around 50 would be a good start for a recovery.
Support around the 39 – 40 area is so far holding. Below there 35 - 36 would be next.
If the early positive signs continue then resistance is initially around 43 – 45 then higher around 48 – 50.
Weekly
Positives
Histogram has flattened
MACD is very wide
Stoch 14 has hit bottom & now returned to its sig line
Negatives
Stoch 14 is in the oversold area
Histogram is below zero & not yet rising
MACD is below its sig line
Outlook
The weekly chart is looking slightly better than the prev week despite making a lower low & finished with another spinning top candle which is potentially a good sign, but so was the one 3 weeks ago which did not lead to any recovery.
Vol was down slightly on the week & the result was -2,740,331 net selling, quite a bit lower than the prev wk.
Shorts reported to Thu were also lower & hardly significant.
There is no evidence yet that the open positions have been closed to any extent.
We may get some relief this coming week but some more sideways consolidation seems just as likely.
Weekly support continues to hold around 40.
If the support fails then 35 – 36 would be next down
If we get a relief rally this coming week, resistance is 43 – 48
The AGM is a couple of weeks away so maybe they can dress the sp up a bit for that.
Hang in there.
Monthly.
Mid-month & that chart is looking pretty ordinary.
Currently sitting around the 50% Fib line after dipping down to the support area around 37 - 38
The Stoch is still trending down, is very wide & has reached the mid-range area around 50
The MACD has crossed below the sig line & the Histogram has moved below zero.
Volume to date is so far only 27% of last month.
Monthly shorts are so far 32% of the net sell vol. of -11,927,653.
Hopefully the worst is behind us for this month & the sp recovers leading up to the AGM
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