AGY 8.60% 8.5¢ argosy minerals limited

Charting, page-2309

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    Taking a look at the bigger picture of the monthly, the sp is at the top of the three year trading range. (Anything to the left of the big red line is of no consequence to the current pattern as AGY recapitalized in the second half of 2014.)
    So when we break into the next range box the projected target is ultimately at $0.095 with a mid point at $0.073. I would be expecting the mid point to be a reversal point on the monthly chart if the projection works out.
    Before that though I can see the stochastic is now very wide from the mov avg & this usually indicates a slow down & reversal. It does not indicate when it will happen, just that it usually does. (At least it does on the shorter time frame charts.) Hopefully the breakout will happen this month so we can consolidate & form a base at the break point.
    The indicator can also remain in the over bought area for some time before reversing. It is still below the over bought area so appears to have a bit of time to run yet.
    Once we break out on the monthly chart then the break out point ($o.046 - $0.048) should be support & would be expected to have a couple of retests.

    So comparing the monthy to the shorert time frame charts, both the daily & weekly are showing signs of slowing & may or may not hold up in the absence of further announcements. That would be healthy.

    One thing about retracements is that the higher they go the higher the sp will be when we get one.
    In this case if we hit $0.05 on this move the daily 62% retracement would be around $0.038. (yesterdays high indicates $0.037 as the 62% level)
    Over all the charts are very, very bullish & will only get more so if we get another MOU or similar announcement by weeks end.
    Exciting times ahead don't sell just hold on and smile.
    AGY Monthly.png
    Last edited by seagull: 05/04/17
 
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