2-Jan-2024 : Keeping it Simple with Price Action and Technical Analysis
Happy New Year Everyone.
I am working on a few Stock Screeners for myself, and my idea is to start posting the outcomes of the screener along with my analysis in the new year. My target stocks are those that have been beaten for a while, and have started to show a momentum that can "persist" for a nice swing positional trade. I may or may not own these stocks and my analysis can have errors... so by default.. DYOR.
The first stock that showed up today is Alkane Resources.
Here is the "2-day" chart since 2023, and my take on this.
* The stock hit a peak in Apr'23, and since then has been in a downtrend.
* The RED arrows indicate the times that the price hit a resistance and failed.
* Since Sep'23 it has traded in a close range, with the upper ceiling hitting at around .680 multiple times and failing
* It also hit a floor around .560, which got established as valid support at start of Nov'23. Support shown by GREEN arrows.
* Since Nov'23, it has started to make higher lows, and is now close to the resistance.
* You can also see a Cup & Handle formation getting formed, and it will need to be seen if it can break 0.680 and there is a RS flip to make it the new support. If successful, then this is primed for a decent up move.
2-Jan-2024 : Keeping it Simple with Price Action and Technical...
Add ALK (ASX) to my watchlist
 (20min delay)
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Last
60.0¢ |
Change
0.030(5.26%) |
Mkt cap ! $362.0M | |||
| Open | High | Low | Value | Volume |
| 59.5¢ | 60.5¢ | 59.0¢ | $617.0K | 1.037M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 24169 | 59.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 60.0¢ | 11283 | 1 |
View Market Depth
| Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
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Last
60.0¢ |
Change
0.030 ( 5.21 %) |
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| Open | High | Low | Volume | ||
| 59.0¢ | 60.3¢ | 59.0¢ | 178710 | ||
| Last updated 15.59pm 10/05/2024 ? | |||||
| ALK (ASX) Chart |