For those asking for some lines on a chart... Not much value for me to add at the moment
Daily - The new trading range has been set between 9.1c - 10.5c, a breach of either limit will see a continuation of this move play out. Very impressed with ADN's ability to consolidate the recent move and keep knocking on the door to test the topside break level. As evidenced today, the bid can come at anytime and is prepared to pay up to secure volume. It's only a matter of time until the 10.5c + 11c offer is cleaned out. Iam encouraged by the fact that the 10c level does not have 3m shares + stacked on the offer, this tells me that many paying current prices aren't looking to flip and move back out on a T+2 basis.
I think the only chance to see the gap back to 7.8c closed will come (in the absence of any company specific news that does not meet shareholder expectations) potentially if we see the broader market capitulate from here and give up -300 / -500 pts in quick succession. This may see some short term / risk capital look to exit on market. If it were to retreat back to close the gap, my guess is that it will be short and sharp and those wanting to add to positions on the potential of this playing out will need to be locked and loaded on the bid to pick up any volume.
We all know that the indicators are very stretched at the moment, however they can continue to remain at elevated levels for sometime and see a further continuation of the recent move once more. Volume stating to return to more normal levels.
View attachment 2499056Weekly - Trying to gain some perspective in regards to the recent move and how important it has been for the overall long term technical setup for ADN. We can see a clear break above the (what used to be) overhead trend line. I would expect to see this acting as a level of support if the share price was looking to retrace the move. Very encouraged by the move above the topside bollinger band, would love to see this hold for weeks to come as it opens the door for a larger move to play out within a shorter timeframe.
Indicators are moving to the topside hard at the moment, with the RSI in over bought territory, however Iam not bothered as these can remain elevated for sometime whilst a larger move is at play. We only have to look back at where the RSI was and remained when the share price went from 1c through to 7c+ to understand how this indicator can track.
View attachment 2499092Monthly - this is really starting to show relevance for ADN, we can see the importance of the move to the 10c mark being the 200 month MA. This being cleared will be an important milestone for the technical setup moving forward.
MACD pushing higher above the 0 control line + stochastics rolling higher are certainly a positive. RSI entering over bought levels can open the door for a larger move on a monthly basis ahead!
The monthly chart is a little hard to see as there is a lot of time captured here with over 10 years of price distribution below the 13c mark. Hence the time taken to consolidate and push forward.
Looking at some interesting over head price levels to come for ADN once 10.5c is taken out, the following price levels are of note;
14c
18c
28c
38c
View attachment 2499128
(20min delay)
