Well has the ARL SP finally turned back up again? The triangle pattern break down target from 06/09 was achieved with the SP falling to the 51.5c level. As can be seen on the chart, and noted in other posts on this thread, the SP has now made a double bottom at this level. Combined with this the WaveTrend momentum indicator has also shown a positive divergence with the SP at those bottoming candles. The medium term downtrend line has been broken along with the 50 SMA. An SP price target based on the second descending triangle pattern break out is around the 85c level. A bit of artistic license was taken in visualising the second descending triangle pattern, but the SP target does correspond nicely with prior relatively High-Volume Close levels. Momentum is moving higher so hopefully the SP will continue to rise.
The above daily chart includes ASX SP data as at 1pm today.
Good luck everyone. All IMO of course.
ARL Price at posting:
68.0¢ Sentiment: Hold Disclosure: Held
