I'm not hoots, but needs a Weekly Close >= 0.12 c (current "horizontal" resistance, the red line ). There are other methods of S/R (like...Order Blocks etc...), but this is the most conventional. And Weekly far more important that Daily , for obvious reasons. Apart from being 5 days data, its what the pros look at, not the daily noise.
You can see that it broke out at 12c last October (week of 25th), pulled back, and then hit an all time hi. Will it again hit 37c? No idea. Probably not - a lot of overhead resistance above, which will be met with heavy selling as it rises, any greedy folks who didn't take profits then will be happily bailing out at breakeven , or better, after 6 months of painful drawdown... ("Crosstown Traffic", as Jimi would sing, for those who know NYC, aka "congestion"...normal).
That's the way it is. Pulled back 50%, Nov - Dec, (also normal, esp. after a 1,000% hike, ), and made an all-time high. Was probably a lot of manipulation, pump and dump, and has since had a 77% fall, a massive haircut. Exponential up, exponential down. Almost a full year of gains given away, back at breakeven. Who would not sell, as price rises? ("See Martha, I didn't lose any money on that stock"!)
As for Gap Theory (endlessly debated ), you can read this URL (stockcharts.com - detailed discussion. Highly reputable site, and contributors). Try and figure out which of the 4 types of gap this is. And indeed, if it really matters... http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:gaps_and_gap_analysis
That is one URL, split across 2 lines.....
Tired of endlessly Posting this gap analysis...read it, and get it straight, once and for all.
Now, to see if I can remember how to Post an Image...it's been so long....I forget...always get it wrong...forgive me if no image
ASX:AVZ - Weekly (incomplete week) - best fit Resistance....clearly it's struggling there now (current hi of session, as of 3:07 pm AEST)...0.12c, now at .115c.
Damn, no image...let me try again...
