Daily Mar 24
Outlook.
The daily is certainly a shocker atm but is entirely unrelated to any of the fundamentals & could do anything in the short term.
More problems appearing with global banks (Deutsche Bank this time) may lead to further falls unrelated to any AGY fundamentals.
Are there any signs of the selling slowing though?
I think yes, but these are tentative at this time & not the least being my daily model generating some upside alerts for the 1st time in 10 days.
Vol was lower than Thu & was net buying of 3,370,883. The first in 15 days
The MACD Histogram seems to have bottomed & made a higher low than the prev day, forming a slight divergence. That is a small but positive sign if it continues while the sp finds a floor.
The Stoch indicators are maxed out to the low side but have also tipped up.
The high is at / near a prev trend extension that may be a s/t resistance.
If we get a rally, the 1st resistance area would be around 49 then up into the 51 – 55.5 area.
Downside support if the selling continues is 34 – 36 then down around 25.
Three weeks ago, these ridiculous lows & talk of them as support would have been ridiculed but are now unfortunately real potentials.
We are due for another monthly update in days which will reassure s/h’s that nothing has changed & AGY / Puna are just getting on with commissioning & producing BG Li.
This is a great buying opportunity for those with the means & the balls.
Keep the faith.
Weekly
The wkly is also taking a hammering & is currently at an older trend support area. This may or may not hold.
My wkly models show downside alerts so I expect to see a retest of the low or a lower one at some stage during the week.
The next support area down is around 33 – 36.
The Stoch is just at the oversold line & is very wide
MACD is very wide & the Histogram is at its lowest point ever.
Well overdue for a reversal.
With all the other negatives which are flowing through the markets, a good update may help with a relief rally or at least create a breather, but the absence of the permits & drill results which are beyond the company’s control, as well as the lack of a funding option sorted & confirmed is a definite drag on the share price at this time.
Those things will come when they come & are imo not the catalyst behind the savage selloff that has occured.
That process is all thanks to the BEOT.
If we get a rally the nearest resistance is around 46 then up around 55 - 57
Just remember the fundamentals & all that BG Li that has been rolling of the conveyor since the last project update.
Monthly.
With 5 days left in the month it is worth looking at the Mthly chart.
This is still being built & will change & hopefully for the better.
We have dropped through the 61% Fib level around 45 -46 & may go lower before we recover.
If we close around that 46 level by the end of the week that would firm up support & a base for any recovery during the next qtr.
The current candle looks similar to the big red candle back in June 2022. If it closes around the 46 level with a log wick it may signal the turning point as it did back then.
At this stage though it looks like we may go lower & potentially reach the old resistance / support area around 36 - 36.5.
The MACD & Histogram are negative looking & look likely to cross into negative territory.
The Stoch is below its sig line but remains in the bullish zone above 50.
Even if we get a rally based on getting some of the announcements we are waiting for, I think it will be some time before we make a new high or return to the prev one.
Imo the long term trend is still essentially intact & will remain so even if the sp goes a bit lower yet.
Is your money safer in a bank that is in difficulties or in a company that is a cash generator?
Hold those shares & don’t be taken in by the bully’s who are messing with your head.
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