We're in blue sky territory from a daily perspective. There are some weekly resistances higher up the chart (at 5.61 and 6.36) and these marry up quite nicely with the Fib targets of 5.54 and 6.41 (see below for more of this target in weekly view). However, these weekly figures go back to 2019/2020, so the question would be how relevant they still are. (??)
On the gap up in mid May, we shot through the 38 Fib extension and back down off the 61 Fib before bouncing around for a few weeks but respecting the 3.29 price of the 38 Fib.
We've now smashed through the 61 Fib at 3.89 and seem to be consolidating beneath the 61 Fib. A break of this 4.85 level will bring the 5.50 level into play quickly imo.
I'm not ruling out a back test of the 3.89 level (61 Fib), but it's a < 25% chance in my mind.
We bounced nicely off the 8 EMA yesterday (green line)... perhaps another week in this area before breaking 4.85 (to let the other EMA's catch up - blue and red lines).
Daily:
Weekly:
Weekly is interesting if you like cup and handles.
If a right hand side cup lip was formed at 3.40 on 9th April with a pullback to 2.32 over the next 8 days, this would give a cup depth of over $3 from the low of 31c in July2022 and a target of 6.40.
Interestingly that's bang on the 1.6 Fib at 6.41 and previous weekly highs back in Oct 2019 !
FND Price at posting:
$4.65 Sentiment: Hold Disclosure: Held
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