AUZ - chart, page-102

235m CR shares were issued 14/11 and price continued trending down but found strong buying support off the 0.078c intraday low 24/11. Panic selling resulted in Stochs entering oversold territory.

Price then rebounded to test the 38% fib (4/12) but met strong resistance and couldn't crack through 10.5c suggesting sellers were happy to take profits.

Momentum shifted to the downside as price tracked below the 20MA until it tested the 50% fib and once again found good buying support.

Chart showing strong support at 8.5c CR price (50% fib).

Friday's solid green candle is very interesting as the price closed above the 20MA for the first time in a month. This has coincided with a rapid tightening of the Bollinger Bands, which typically precedes a breakout in one direction or another. Also, the daily volume has been in steady decline which could indicate supply drying up. A 10% gain Friday on relatively low volume indicates that buyers pushed the price up easily with little resistance. Stochs also well below overbought.

Looking for another test of 38% fib (10c -10.5c). Needs to break upwards from the current trading range now to push higher.