@estate09
Here you are. A few items to look at while I get my head around what is happening.
I did not have any data on these so the chart data does not include Chi-X, therefore some of the assessments like the gaps closure rate may be a little off.
I have not looked at them before but was aware that they are another JZ stock.
So, as far as the gap data, I would not expect the o/s gap at 10 – 12.5 to close but it can’t be discounted.
There is a FVG (my new favourite) from 20.5 to whatever the next bars low is going to be.
It may be worth bearing in mind that 4 of the last 5 major spikes have seen a 100% retracement.
The odd one out retraced 61% so if that happens this time the sp could come back to around 16.
At this stage though I would think that a 38 – 50% retrace is more likely & that would cover the FVG.
Negatives at this time are…
Stoch 5 is showing a divergence (ie has made a lower peak that the sp.)
Stoch 14 is just overbought & showing a divergence
The MACD is very wide
The RSI is also at this stage showing a bearish divergence.
All of the above can continue happily for some time though.
I have not read any of the announcements at this stage, that will be todays job so based purely on the chart there may be a little more in this spike but inevitably it will come back at some stage.
I see an upside target around 38 & support in a pullback initially around 19 – 22
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