I see a few comments about a cup and handle pattern but to my understanding this type of pattern is a continuation pattern and does not apply here as SHV was trending down prior.
However a saucer pattern which comes after a downtrend is the most likely culprit. It is usually associated with a major trend reversal which is good for us!
The initial buy was above 5.5. It didn't quite make it to the prior support now resistance of $8 as profit taking came in. I think the next run we will see $8.
Only thing I don't like is the increasing sell volume although I'm hoping its associated with the Brits and end of year selling.
Tree shake, page-33
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Last
$3.76 |
Change
0.080(2.17%) |
Mkt cap ! $534.3M | |||
| Open | High | Low | Value | Volume |
| $3.68 | $3.78 | $3.62 | $879.9K | 236.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 907 | $3.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.79 | 3666 | 4 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| SHV (ASX) Chart |