ARV - Artemis Resources
Mining: Gold, base metals, platinum group metals and iron ore in the Pilbara, WA
Market Cap: $75.5M
Cash: Capital raise of $3M earlier this month
Last Price: 19c
ARV appears to be in an Elliott Wave pattern. It has completed waves 1 to 4 and is preparing for wave 5. The sub waves of wave 3 created an ascending broadening wedge pattern. I think the share price may bounce off the support line of this pattern and start an uptrend upwards. Wave 3 has retraced 38.2% to form wave 4 of the main cycle.
The RSI on daily was overbought but is now stable and hovering about a previous support line. It could use this as support as well and start moving upwards.
There is an extended flat on the hourly chart which appears to be finishing. This means that the share price may potentially commence an uptrend over the next few trading days.
