Well hasn’t this offered up some gifts over the past couple of days…. After bouncing off about $1.18 recently, it broke out above $1.40 to confirm the W double bottom. This gave an indicative price target of $1.62, ie 22c above $1.40, coinciding nicely w the 23.6 fib. Put a spec sell up at that price and was pretty amazed to see it get taken out yesterday. Hungry bulls.
Fair to say that price/fib was rejected pretty strongly today. This is a dollar stock that has run 40c on no news in a month, so we shouldn’t be surprised by the profit taking today. Wicked down to $1.50 for a second and closed above within a whisker of the 38.2 @$1.535. I jumped back in @ $1.52. My only concern is we could be seen to not have made a new high above $1.765. On balance i expect some positive news out of the AGM and buyers still strongly outnumber sellers. See how it plays out.
AX1 Price at posting:
$1.52 Sentiment: Buy Disclosure: Held
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