ADN CHART, page-3069

No i don't believe so.


Having a look at the short term setup, the convergence of the 15day and 30 day MA that is taking place above the current share price is going to be key in terms of the direction for the stock over the coming days / weeks.

The share price needs to get back above these MA in the coming 3 - 5 days tops in my opinion. If / when it can clear the 15 day MA currently at 5.8c this will see the next leg higher to the 7c+ region play out. If this is to play out then the MACD and stochastics will cross positive and resume their trends higher once more.

If the share price can't get a catalyst to see demand take it up through this level, then the 15 day MA will likely cross back through the 30 day MA and act as resistance on the price opening the door for a move back to the 200 day MA at 4.65c and then potentially a test of the next fib retracement line at 4.3c.

My guess is we need to see one of three things occur to see the price back above 5.8c in the short term;
- The broader market to continue this rally and make a play at the XJO 200 day MA of 6,310, this will drag risk capital or interest sitting on the sidelines into the story.
- New interest in ADN of size to get busy on market (an insto or broker to hit the go button).
- News from the business to warrant reasonable interest on market.