Here are a few thoughts ...
Macro ... US making continuation type signals so I assume the general trend is down.
RAC news ? No assumptions here - just the chart OK.
That recent RAC pattern could have been a cup n handle but it's now broken down further and the bottom BBand is turning down (one of @slick 's neat little indicators) that happens once the SP sets off under the 20 MA middle BB line.
Therefore the odds are reasonable that the SP is heading for the bottom BBand around $1.30. If a double top (sort of) could be envisaged ... the target will be 90c. Which would conveniently fill a small gap to $1.045. I'm not confident this ever fills!
Contrary to this ... it sure feels like the bot is not giving shares away, so the counter argument is that the general market has oversold RAC under it's likely "handle" support.
This is one of those times when you know news must be on the way ... so dollar cost averaging in is a fairly good strategy.
RAC - Charts & Price Action, page-20561
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Last
$1.69 |
Change
0.000(0.00%) |
Mkt cap ! $288.0M | |||
| Open | High | Low | Value | Volume |
| $1.66 | $1.69 | $1.57 | $387.6K | 237.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 807 | $1.63 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.69 | 2376 | 1 |
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| Last trade - 16.10pm 04/10/2024 (20 minute delay) ? |
| RAC (ASX) Chart |