Daily.
Positives:
Testing the 61% line again (the 16 – 34 move) & closed up off that at 23.5 the same as previously so it looks like the support is at 23.5.
Stoch 5 & 14 both now very wide. (usually a precursor to reversing the S/T trend).
The daily volumes during the week remained low & the resulting retest of 61% was on about half that of the first test.
Negatives:
SToch 5 & 14 both trending down
MACD trending down. Histogram is below zero
Closed below centre of the day's range.
A close below 23.5 in the coming week will probably result in the 21.5 level being hit.
Weekly.
Positives:
L/T trends still intact.
Histogram continues to rise & is at zero.
MACD flat lining and is at the signal line.
Stoch 5 & its avg are above 50, the avg is still trending up.
The weekly volume is trending lower for the third week.
Negatives:
The close is at the low end of the weeks range inferring more weakness. (This is the second week in a row it has closed low but held the line)
The Stoch 5 has crossed its sig line.
Monthly;
Positives.
We have broken out of the 7 month down trend on significantly higher volume & are currently testing that breakout point.
The support should now be at or above the B/O point but may test lower down the trend line at 21 – 22 area if the mms decide to try another shakeout.
The Stoch 5 has reversed off the over sold line & is now back on par with is sig line.
The close sees the sp well above the L/T rising trend & at the 23% line.
The MACD appears to be flattening out.
Negatives.
The MACD is below its sig line & both are still pointed down.
The Histogram is below zero.
Outlook.
Long term outlook is very exciting fundamentally but in the short term & in the absence of the long waited O/T & PEA updates the MM’s will continue to massage the sp as they continue to accumulate & trade.
Short term the sp may retest 21.5 if current 23 – 23.5 is broken.
The daily indicators appear to be signalling a reversal is close so imo there will be another attempt to break back above 27 this coming week & a break of that would signal a run up to the 30’s.
Go AGY team you are doing a great job.
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