Mate, In some respects difficult because chart does not have a longer footprint.
In my opinion we broke out above 25c on about 27/28 August and had a closing high of 45c on 1 September 2023.
On this basis the 38.2% fib exrension is 52c which we touched this morning shortly after open. After that the 50% extension is 55c and thereafter the 61.8% extension- which I find is the more common target- is about 57c. This in my opinion is the very short term potential and does not preclude more fib extensions into the 70c range at least.
The 9 EMA is tracking nicely above the 13 EMA with the MACD travelling above the signal line- all bullish in my opoinion.
As I said on the other thread we are today seeing somewhat of a repeat trading pattern of Friday, that is a nice opening followed by a bit of a pullback followed by more insistent buying as the day unfolds. It will be interesting to see if that continues today.
Earlier today we saw a couple of chunky sell orders queued up at 42-43c that were then taken out in short order. The same happened Friday when it looked a bit troubled from an intra-day perspective then whooshka someone cleaned out the sellers and then some.
The 2 caveats I put on all of this is the lack of longer term footprint with the SP action to get a more solid feel and also of course there are the FA apects that can, and often do overtake the TA for a period.
Cheers
. There seems to be a bullish push, retest, new bottom and push on the daily basis. It's a chart of beauty TBH. I agree that 25c break was the green light, I was very happy to be onboard at 21c average initially. I've averaged up with the flow as the signal is strong, still under 27c av so I'm laughing like Bot!
