ADN 6.25% 1.7¢ andromeda metals limited

ADN CHART, page-5151

  1. 16 Posts.
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    If you draw a line across the highs of the range in the time frame for the line across the lows you have a somewhat symmetrical triangle that constitutes a continuation pattern in the downtrend. This is the usual outcome of a pattern like this but it is not set in cement (pun intended). Ascending triangles tend to be bullish, descending triangles bearish whilst symmetrical triangles tend to be continuation patterns in the prevailing trend.
    I am offering this as an explanation for triangular patterns and don't necessarily agree with this interpretation as a triangle type pattern. We all tend to see what we want to see on a chart, even if we don't really understand TA. My view of the recent price action is that of a trading range between 15 & 18 with a false breakout to nearly 21. Trading ranges can resolve either way as they can be either continuation or reversal patterns.
    In terms of trend, there is a clear down trend evident from the high in March to the swing low in May with a lower swing high in June to a lower swing low in July which provides a technical confirmation of the down trend in both the daily & weekly time frames.
    On the Monthly chart the price is sitting at a higher low with the uptrend from 2019 still intact. Although the recent 45c high is hitting into a resistance zone from 2006.
    Make up your mind about where you sit with your strategy for ADN and make your own decisions depending on that time frame.


 
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Last
1.7¢
Change
0.001(6.25%)
Mkt cap ! $52.87M
Open High Low Value Volume
1.6¢ 1.7¢ 1.5¢ $56.04K 3.534M

Buyers (Bids)

No. Vol. Price($)
3 67044 1.6¢
 

Sellers (Offers)

Price($) Vol. No.
1.7¢ 2945887 9
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Last trade - 16.10pm 12/07/2024 (20 minute delay) ?
ADN (ASX) Chart
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