2022 Charts, page-1529

Daily 8 July
Positives
Stoch 5 has crossed back above the oversold line & its sig line & is rising.
Stoch 14 is narrow as it approaches the mid range 50 line
MACD is above its sig line & rising
Histogram is above zero & rising
Vol remains low

Negatives
Stoch 14 is still trending down

Outlook
After the recent low at 26 the recovery has been well supported in the top half of the 3 week range despite attempts to force the sp down again with the assistance of the shorter’s.

The daily indicators are reflecting that support with the exception of the Stoch 14 & that may result in the sp retesting the base at 31.5 again before we get an go at the top of the range around 36 – 37 next week.

The basic consolidation pattern atm is imo moderately bullish in the s/t potentially leading to a further recovery & higher highs
Daily support atm is around 31.5. Resistance is from 34 – 37.

So close now. Sit back & enjoy the moment.

Weekly
Positives
Stoch 14 has crossed back above the o/s line & its sig line
Histogram has risen & shows a divergence. MACD is now very wide.

Negatives
MACD is still trending down.

Outlook
The last three candles show varying degrees of support along the converging trends & the vol has continued to fall over that time.
Vol for the week was lower than the prev bar & was net selling of -3,903,840, this included short selling vol. of 1,513,944 up to Thu. which is 26% of the net vol.

With the last 2 bars feeble attempts to sell down failing, I would not be surprised if there is a further sharp down day like the big one 3 bars ago to try & draw out sellers.

Overall, the weekly is showing signs of support & an ongoing recovery.
Wkly support then is along the converging trends (both up & down) around 32.
Resistance looks likely to come in around 37 but any sustained recovery will take some effort (vol) to clear the current congested area from 32 – 45.
This will likely take a few more weeks yet but should line up with the completion of the construction phase.
I would expect  to see strong buying return as the construction phase ends & commissioning begins.

On the negative side, if the current consolidation / support area fails then support should again be down around the lower rising trends around 28.
While that is not what I am expecting to see at this time it is a potential outcome in the event of further market events.