Hey HeyLine,
Daily chart as you have indicated is showing positive divergence, with RSI increasing and price decreasing. This is indicative of VWAP being higher than closing price most days as price is often touched down into the closing auction. Thus indicating underlying strength.
I also look at weekly and monthly charts as they provide more insight into longer term strength and smooth out the daily fluctuations.
Daily chart shows price below 20,50 and 200 day moving average which is bearish, though the three averages are flattening out, whilst the weekly chart shows price below the 50wma, but positively the 20wma is still above the 50wma.
At the end of the day charts are nothing more than a graphical representation of the underlying fundamentals and sentiment.
Price is drifting sideways because shareholders are looking for direction and evidence that growth plans remain on track. This should be clearer in the coming days. Hopefully the descending wedge pattern plays out.
Hey HeyLine,Daily chart as you have indicated is showing...
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Last
3.7¢ |
Change
-0.001(2.63%) |
Mkt cap ! $27.48M | |||
| Open | High | Low | Value | Volume |
| 3.8¢ | 3.9¢ | 3.7¢ | $24.77K | 652.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 342617 | 3.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.8¢ | 4936 | 1 |
View Market Depth
| Last trade - 15.47pm 06/05/2024 (20 minute delay) ? |
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Last
3.8¢ |
Change
-0.001 ( 2.70 %) |
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| Open | High | Low | Volume | ||
| 3.8¢ | 3.9¢ | 3.7¢ | 162451 | ||
| Last updated 15.58pm 06/05/2024 ? | |||||
| 3DP (ASX) Chart |