Since the intra-day high of 4.08 EQX has traded inside a down trending channel for 11 days,bounceing off support at around 3.30.
But closed outside and above the resistance line (3.57) at 3.60 yesterday and formed as you say a grave-stone doji.Which indicates a reversal.But which way? There is still a historical high of 4.40 to be tested at some time.And 3.60 has been a support/resistance level.And if we are going to see a right shoulder,then it is poorly developed at present.So the SP should at least hang around these levels.
Have seen good volume in recent days,that suggests accumalation for further price increase.In my opinion EQX needs to push up between 3.60 and 4.40.
But the market will have the final say. I would have liked to have made available Fosters Research Report on WA iron-ore,but they dont want their research on a public forum.So must respect their wish.
EQX Price at posting:
$3.60 Sentiment: Hold Disclosure: Held
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