Well the SP couldn’t break above the descending triangle pattern and the 50 SMA. When it broke below the pattern I placed a Fib downside target indicator on the chart (see daily chart below with data as at 1500 today). I was hoping that the SP would have stopped at the 50% level and the high-volume Close level of 06/09, and I didn’t really believe that it would go down to the 100% target level. I’ll have to stop hoping and just trade the signals I think. If the SP can stay above the 55c level I’ll hold on a bit longer I think.
I don’t know what is causing the SP to drive lower but it is getting very close to the 50c level where it seemed to stabilise back in June 2017, following the initial surge up after the stock was listed. The WaveTrend momentum indicator is well and truly oversold right now so hopefully the SP fall will stop around the 55c level. There’s that “hope” word again. Looks like the SP will close at 57c so I guess there is still some hope left.
Good luck everyone.
ARL chart, page-859
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Last
40.5¢ |
Change
-0.005(1.22%) |
Mkt cap ! $80.87M | |||
| Open | High | Low | Value | Volume |
| 41.0¢ | 41.0¢ | 40.0¢ | $6.033K | 15.06K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 108618 | 40.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 40.5¢ | 29982 | 1 |
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| Last trade - 14.13pm 30/09/2024 (20 minute delay) ? |
| ARL (ASX) Chart |