Swingtradebot?I can see why you always lose money on the ASX, if...

Swingtradebot?

I can see why you always lose money on the ASX, if that's your sole source of TA.

Here's some TA for you, free of charge.



The SP gapped down at 5.4 to 5.2 cents, which will have to be closed at some point.

A bullish divergence appears to be forming on the RSI. The SP is hitting new lows, BUT the RSI is trending up. That could mean we're trading at a false/fake bottom. The move down could be considered weak & the bulls might be ready to retake control of the market again. The MACD is also trending up, showing another bullish divergence compared to the SP.

Volume has been weak of late, but there has been increased activity as a whole from the Smart Spend card ann.

The MACD is very close to crossing & if it does, that would be considered a buy signal. Also, notice on the day the SP gapped down from 5.4 to 5.2, the MACD crossed to sell? From that point on, the SP has traded sideways within a band.

Moving Average Convergence Divergence (MACD) Definition (investopedia.com)

Kujin-sen is almost flat & that's usually an attractor of price activity. When the Tenkan-sen & Kujin-sen turn flat, the SP usually trends towards those indicators. The medium to longer-term indicator, the Kujin-sen, is at 9 cents.

The Tenkan-sen & Kujin-sen are the buy & sell indicators on an Ichimoku chart. The Tenkan-sen & Kujin-sen crossed within the Kumo (or the cloud), which is a weak sell signal.

As I said, I don't focus on the SP, I focus on the company I'm invested in, but something tells me this market is locked & loaded. Perhaps just waiting for the next ann? Time will tell.

I always watch for an increase in volume for any potential breakout.

Good luck to all holders & non-holders.