AGY 0.00% 4.1¢ argosy minerals limited

If looking at past movements, then it is only logical to expect...

  1. 4,514 Posts.
    lightbulb Created with Sketch. 6976
    If looking at past movements, then it is only logical to expect a retracement back to fill the gap at 59 - 60.5.
    Apart from the statistical closure rate for outside gaps (89% in the following 30 days). there are also the Fib retracements.
    A 50 -61% retracement is the norm & a 38% is pretty much a minimum expectation.
    So far, we have not hit any of those levels.
    A 38% dip would close the continuation gap at 64 - 64.5.
    A 50 - 61% retrace would get down into the initial breakaway gap area at 59 - 60.5.
    Despite the second gap helping to make the chart appear to be headed for the moon, the last 4 candles have shown selling into the strength that those gaps have set up.

    Of course, there has been buying, but the last 3 bars have been net selling & a large amount would have been profit taking but also shorting has had its usual impact & that started as early as the prev Thu - Frid but had little effect until we reached the new ATH.
    Monday's candle with its long tail, shows a rejection of the highs, but net buying would have been double if not for the shorter's.
    The last 4 daily candles have seen shorter's being partly responsible for or at least exacerbating that selling.

    Other indications that we are likely to retrace are the Histogram moving lower.
    We have made three lower highs.
    The very short stoch 5 has already crossed below the overbought line & the standard stoch 14 is trending lower towards the o/s line.
    These are all mildly bearish signs that a normal retracement is close but in an otherwise very bullish up trend.
    Better to retrace now & fill the gaps than later from in the 80's.

    The other side of the coin though is a bullish one & what we could be looking at atm is a consolidation.
    Consolidations often mark the half point of a move.
    So, are we just having a breather on the way up to 95?

    https://hotcopper.com.au/data/attachments/4846/4846271-0cbfae689eff20c7f238e9f26cd07c39.jpg

 
watchlist Created with Sketch. Add AGY (ASX) to my watchlist
(20min delay)
Last
4.1¢
Change
0.000(0.00%)
Mkt cap ! $59.69M
Open High Low Value Volume
4.1¢ 4.1¢ 4.1¢ $17.63K 430.1K

Buyers (Bids)

No. Vol. Price($)
20 2381041 4.0¢
 

Sellers (Offers)

Price($) Vol. No.
4.1¢ 272552 5
View Market Depth
Last trade - 10.39am 13/09/2024 (20 minute delay) ?
AGY (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.