Short answer - Yes Though accumulation/distribution is harder to...

Short answer - Yes

Though accumulation/distribution is harder to determine the function until the market movers decide which way to tip. Note the consolidation area between 18c-19.5c. At the time looked like a "accumulation" but you could argue it was distribution. To determine which way it may move it was be beneficial to view in a longer timeframe - i'll show that in a second.


I think the RSI trend might be the leading indicator for a direction.
Stochastics are trending up but hasn't made too much of a blip on the momentum but signifies a daily cycle continues.
MACD still positive and green. ideally needs to be above 0

If the RSI can break the trend shown in blue I think this may have a jog.
16.5c is the first target it needs to get above.

The 17.5/18c is a fib retrace and pretty key, interesting the next line up is also a major fib line



Now for the weekly which as i suggested earlier can help to work out if those zones are more likely to push up or down.

As you can see that previous zone still had a bearish MACD growing in strength.
The stochastics were still heading down and RSI hadn't quite ticked upwards.

But now it's kind of polarising. The macd has lost its bear stength.
Weekly green heiken ashi
Stochastics close to crossing and end of major down cycle.
RSI flicking upwards.

It looks closer to a major low than it does a major high.

Depending on your strategy you might buy the 16.5c break if it's on volume.
or
Await a confirm re-test.

I'd personally buy a daily RSI break which probably coincides with the 16.5c break.
Then be 'stop lossing' on the blue trend on the lowside.

think i saw spot SC6 at $645 today - surprised AVZ has been held as it has. Market obviously still pricing something of concern but make no mistake as we saw with offtakes market can rush in very quickly on this one. If weekly RSI can happen along with MACD it's set and forget time.

Looks poised to make a decision shortly.

SF2TH