Short Term Trading Week Starting: 5th Sept, page-169

STTCOMP WFE, TA Long

WFE - Winmar Resources Limited

Mineral exploration
Iron Ore and Copper-gold-zinc (in WA and Spain)
Market Cap: $3.295M
Cash: Completed a placement totaling $810,718 at 0.3c a share on the 1st of Sep.
Last price: 0.5c

TA




The share price was on a run a few weeks ago when it went from 0.15c to 0.8c . It has now retraced to 0.3c and has started moving upwards. The recent low of 0.3c is close to the Fib 77% retracement level of the run. This setup looks like a wave 1 and 2 combination of Elliott Wave. If this is the case then the share price may go to a short term high of 1.4c (which is a Fib 1.618% projection based on waves 1 and 2).

Trend lines show us that the downtrend has probably ended.

Weekly chart:


The weekly chart also has decreasing volume, indicating that the downtrend is ending.