View attachment 1058137
Very basic 1 hour chart with basic indicators.
Bouncing off 6.7c was a good indicator of the reversal.
Buy indicator confirmed when managed to break through 7.3c (This is when a long position should be open)
A
breakout is a stock price moving outside a defined support or resistance level with increased volume. A
breakout trader enters a long position after the stock price breaks above resistance or enters a short position after the stock breaks below support.
MACD showing signs of improvement (start of bull run/reversal) but still very early stages and low volume, need to see how Monday plays out.
All in all volume was pretty low with VWAP 7.1c which is not ideal. Depends on whether those buyers are fundamental buyers or pip traders, price can still move both ways although definitely leaning towards a bullish start of Monday.
Also depending on external fundamental factors, i.e. Gold price!!
View attachment 1058140
@cardinal1969
7.9c is next support/resistance to look out for.
If it cracks 8c then let it continue running and you can always set a rising sell or even let it play out further to test 10c.
However on the other hand (unlikely but possible), if the share price retraces to retest 6.7c and if that breaks, it will be blood all over.
Definitely stop loss at 6.6c or just below is a good idea if you are a technical trader.
Have a great weekend all!
