With the newly acquired market data I have produced a revised forecast based on my bear flag theory...
Here we go...
1. I anticipated a drop this week to minimum 3740 due to previous support bounces and expected it to break but it didn't.
2. The price bounced off 3740 support to retest the newly formed resistance level (recent rally). The retest has now completed.
3. We are now heading back to retest 3740 but this time it will break and we will hit 3640 and bounce (bull trap)
4. The price will then head to 3740 confirm as a new resistance level bounce and head down to 3640 and SHOULD break through to the lower levels.
5. After all this we will head towards the 3380 when I believe we will have a global reversal and I'm all in.
PS because the media are now forecasting 3400 as the bottom this could be a MAJOR bull trap which I have my concerns about.
$2 and $1 targets... Yucky wouldn't touch it with yours, page-381
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Last
$1.58 |
Change
0.055(3.62%) |
Mkt cap ! $268.4M | |||
| Open | High | Low | Value | Volume |
| $1.56 | $1.61 | $1.56 | $106.0K | 67.13K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 649 | $1.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.59 | 3000 | 1 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| RAC (ASX) Chart |