Pretty notice chartist and first time posting in a chart thread so take what I post with a grain of salt. The following is my short term view and support/resistance lines I'm focused on.
Clear break down on the 61% fib today likely following the broader market. I have 40c pencilled in as a decent historical (and a bit of a psychological) support with the nearby 78% fib reinforcing it a tad. Failing that, the long term trend sits at about 37.5c. So it's approaching multiple levels of support which should hopefully hold it a bit more steady following 4 pretty big red days in a row. I don't tend to look at RSI signals but I can imagine it in or very close to oversold levels.
As the broad markets have quite a big influence on sentiment these days, I'm also keeping a eye on the XAO (weekly chart below). Today we just touched a pretty key line in support and have bounced off it a bit (and holding steady on the intraday charts). May signal a reversal for at least the short term.
May be a good trade/top up point around here as we've looked to hold pretty steady at 39.5c/40c mark today. Otherwise, 37.5c may be a safer for those more cautious.
AGY Price at posting:
40.0¢ Sentiment: None Disclosure: Held
