It was looking promising for a while there. I don't know what happened with the fundamentals, but the chart seems to be following the characteristics of the descending triangle formation mentioned a few weeks back.
First a break of $3.00 support, a move down to $2.83, then a bounce back up to back-test the $3.00 (went a little further up than I imagined to $3.09, then failure to hold above and back down. The descending triangle looks to be playing out, slowly. This should now do a gradual decline and at some stage get back to near $2.60 for a double bottom.
The rise back up and beyond $3.00 recently was a fake. The hint was 2 goes at $3.09 but not $3.10 (as shown).
The only thing that will negate descending triangle would be a rapid move back above $3.00 and beyond $3.09.
If and once $2.60 area is revisited and $2.60 is not broken, this should then be ok to do a proper recovery back up to $4.00 and $5.00 by end of 2020. If $2.60 holds on this visit and there is a strong bounce there on good volume, I will sell the house and put it all on TLS and sit back and watch this gradually climb to $4.00 and $5.00.
This management still has to go. Sooner the better.
My view if anyone wanted to know.
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Last
$3.88 |
Change
0.050(1.31%) |
Mkt cap ! $44.83B |
Open | High | Low | Value | Volume |
$3.85 | $3.89 | $3.85 | $87.75M | 22.63M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
16 | 288046 | $3.87 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.88 | 626236 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
14 | 213138 | 3.870 |
15 | 407676 | 3.860 |
22 | 232913 | 3.850 |
21 | 145132 | 3.840 |
22 | 163419 | 3.830 |
Price($) | Vol. | No. |
---|---|---|
3.880 | 379324 | 2 |
3.890 | 300312 | 31 |
3.900 | 999652 | 128 |
3.910 | 305228 | 23 |
3.920 | 261571 | 29 |
Last trade - 16.10pm 17/07/2024 (20 minute delay) ? |
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