Ansell - ASXCharts - TA ONly

4-Feb-2024 - Keeping it Simple with Price Action & Technical Analysis

Observing very interesting price pattern formations in Ansell, that demand it to be on the watchlist and to be kept track of to catch an early reverse uptrend move.

Here's looking at the Weekly chart of Ansell, and my observations from it. [ My analysis can have mistakes, so DYOR ]
* The stock exhausted its last uptrend in Jun'2021, and since then has been in a downtrend.
* However, it has maintained and respected a long-term strong support at around 22 levels. As can be seen, that level has been tested multiple times since 2019, and kept intact.
* There was a LONG RED candle in Jul'23, which to me looks like an "exhaustion" candle, indicating an end to the downtrend and probable start of a reversal.
* Post that long red candle, the support at 22 stayed, and now if we draw a trend line from Jun'21, we can see it getting broken and now being retested.
* RSI also has crossed 50 and showing good signs of trend reversal.
* A successful retest here can provide an entry with a nice little stop-loss, and if it maintains its strength as it moves and gets tested at around 30, that will confirm a complete reversal and a renewed uptrend.