Monthly 31 Dec
Outlook for Jan.
Dec. saw a successful retest back to the 50% level at 0.225.
Up until last week, the chart was consolidating between 275 – 30.
That consolidation may have just ended with the month & year closingout at 32.
The next resistance in this time frame is 34 -36 then up at the prevhigh of 48 but I expect that to be overcome in early Jan
Dec vol was relatively lower than the last two bars & we remain in acongestion area of converging trends so may or may not test 27.5 again beforemoving on.
I would not be waiting for a pull back based on that though as supportis very strong.
Overall, the volume for the month was 147,289,618 traded & netselling of -35,125,633.
The stochastic is in the overbought area but can remain so for extendedperiods & there are some signs that we may not be quite ready to take offjust yet but imo these are just indicating that some further consolidation maycontinue.
Most other indicators in this time frame are positive.
My outlook for 2022 is for the sp to be multiples of times higher thanthe present close.
I think that $1 is very achievable.
2022 is our year to shine
Weekly
Positives
Stoch has turned up off the 50 line & is above its sig line
MACD is above its sig line
Histogram is above zero & higher than the prev bar
Closed at the highs
Negatives
Vol was lower as the sp moved through resistance at 28.
The high is currently at a st resistance area of converging trends
Outlook
Last weeks rise to paint a rosy chart came on lower vol & a shortertrading week so may just have been window dressing.
Whatever it was the Wkly chart now looks very bullish & theindicators suggest a continuation going into the first week of the new year.
Any of the expected upcoming announcements (permits, approvals off take etc)have the potential to drive the sp to new heights & can come at anytime.
Resistance is currently from 32.5 – 35.5.
Support is now 27.5.
There will be minor s/t resistance levels one we clear thisconsolidation area but the next significant area is 43 – 48
Like wise there will be retracements. These can be measured from thelast significant low at 22.5 & up at the next major high, whatever that isgoing to be.
AGY is a great traders stock but there is the danger that one will beleft behind if out when the updates come.
Daily
Positives
MACD is rising & above its sig line
Histogram is above zero & rising
Closed near the high
Negatives
As the sp has risen the last 3 bars, the vol dropped significantly
SP is currently at resistance of converging trends
Stoch5 & 14 are both overbought
MACD is very wide
Outlook
While the last 3 bars were up days, 2 of those days were net selling.
Apart from the big vol day on the 29th vol has been quite lowgoing into the last few weeks of the year.
That though could just be due to the time of the year.
So in the s/t it looks like we are at resistance & that continues upto 34 if we clear Fri high.
Support is 29 – 30
On the other hand the next rerate has to start somewhere & acontinuation from here is a great place to start.
The outlook is rosy why bother trying to trade pips & miss out onthe big move.
(20min delay)