Daily 15 Mar. Positives MACD is above the sig line & rising...

Daily 15 Mar.

Positives
MACD is above the sig line & rising
Histogram is above zero
Stoch 14 is above the sig line

Negatives
Stoch 5 is in the overbought area & has crossed below the sig line
Stoch 14 is above the oversold line, has made a lower peak & looks likely to cross below the sig line.
The Histogram made a lower high
There is an RSI Divergence (1 - 14 Mar)

Outlook
I am in two minds about the direction we will go in the short term.
Friday’s large after-market sell volume which turned a positive day (and week) into a negative one, is likely related to the Funds rebalancing & has not had much impact on the sp at this stage.
The doji type candle seems to show rejection of the day’s low side & the close was in the top half of the day’s range so I take that as a positive.
The negative aspects of the indicators though give the impression that a retracement is on the cards & we have had 5 weeks od steady recovery off the low so a pause / pull back should not be unexpected or signal anything untoward.

The daily chart is still quite positive looking & if there is a pull-back then the first support is around 15 – 16.5, then potentially down to around 14.
If the recovery continues then we need some serious buying vo to get through the current resistance around 18. Next target above there is 20 – 22.

Weekly

Positives
Stoch 14 is in the bullish zone between 50 & 80.
The MACD is above its sig line & rising
Histogram is above zero & rising
I see no divergences

The indicators are all positive looking

Outlook
The wkly chart is very positive looking & has moved above the 6 month down trending line

While the chart looks great we may have to retest the old resistance from 14 - 16.5 before moving on up to the next resistance around 22 – 23.5

Shorters have largely disappeared & there has been some covering reported to 11 Mar.

The amount borrowed has fallen from 70,228,703 mid Feb to 58,656,742 on 13 Mar. & 56,070,041 open positions reported to 11 Mar.

The continuation of this recovery is largely dependent on the company achieving their stated targets & gaining approvals for the 10k expansion

Monthly
At mid month the Mthly chart is showing a strong recovery & moving through the resistance area from 13.5 – 20.
If that continues then 23 - 26 is the next resistance
Downside support if this recovery fails for whatever reason then another revisit down to 10 could eventuate but I think that unlikely.