chartists only - tagstash

Hi all,

ARQ is looking remarkable at the moment.
Looks to be shaping up as a divergence trade... RSI is showing acutely overbought and is diverging with price ... add to this the declining volume on this second same-level high - touched within the same week.

Considering also that the money flow or accumulation/distribution - whichever tickles you fancy - are showing that the big money has been leaking out of ARQ since late November....

Importantly, price has stalled at the top (0%) of a major rising fib set which commenced at the break of $1.02 and ends at around $1.76 ...

If I was long on this I would be taking profits right now.
Since I missed the stellar run due to lack of available funds (again) consolation maybe a decent short to around $1.58 (there is a gap there) and even further to 23.6% support $1.49.

The oil price was up over the weekend I believe, so it will be interesting to see what effect this has on ARQ tommorrow.

Fundamentally, there is a spud for a drilling program coming up in next few days/weeks?? so it will be interesting to see if there will be any downward pressure from those savvy traders who 'sell on spud'. Either way ARQ looks due for a pull back in coming weeks/months to me.

Having said that it might blow straight through to a new fib pattern - lol im betting it won't.




Cheers