Thr good news is, the sellers have vanished, there is alway some...

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sirrobbo

4,147 Posts.

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10/01/19

17:59

Post #: 37083861
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Originally posted by bushmaster ↑

Originally posted by bushmaster

Hi All, hope everyone is well on here.

It Looks like a reversal is taking shape on the charts after the latest drawdown lets hope that this will last and we can soon retest our 52 weeks high of 17.5 C. Given the current market situation though this might take a bit of patience or are we seeing the spec market come back to life? its too early to tell and with the volume we have on WKT at the moment makes the charts very hard to read.

Here is my TA analysis of the chart, open to comments or corrections.

The following are some important observations about the most recent chart which should be taken with a grain of salt or some positive sentiment. I will be holding WKT till the cows come how, needless to say.... but worth a mention.

Positives

We see a 3 soldier formation on the chart, this is a good indication that we will most likely move to a higher SP price rather than a drop.

Based on a similar pattern seen on the 8th May 2018 – 8 July 2018, we could see the same pattern playing out here.

We have broken the 50MA resistance which has now become the main support for the SP.

The 20 MA looks like it is reversing if more volume comes in the reversal could be a lot steeper.

MACD also indicates the start of a bull run that could see the SP rise sharply.

Negatives

RSI looks like it is approaching oversold territory which could mean the SP will drop sooner than expected

Volume still on the low side (around 300k today), this might indicate the SP might drop and this could only be some temporary relief.

My Past TA notes can be seen on my diary notes at:
https://www.bushmaster.co/stock/wkt/
ARR... I was kind of hoping that this would not happen today, volume still so little: 170k Today. Hard to make a good call at the moment.
Anyway, we have a double top (https://www.bushmaster.co/double-top/ ) at the moment which is not a good sign... anyhow very very hard to call this from a TA perspective, back to the FA crew...

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Thr good news is, the sellers have vanished, there is alway some Tom, DICK, or Harry that pushes it down late in the day.
WKT Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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Add WKT (ASX) to my watchlist

(20min delay)
Last 9.5¢		Change 0.000(0.00%)		Mkt cap ! $63.76M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

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