As some may have noted not the best week chart wise, in...

As some may have noted not the best week chart wise, in particular the red candle printed on Thursday with increased volume, however overall trend on the daily is still positive in my opinion.

Here's my 3 point chart analysis on price action for the week just passed:

1. The BO at 0.115 triggered some profit taking (low volume), SP retraced and struggled to break through 0.115 again, signalling buyers are not ready to pay up, perhaps due to lack of news or just waiting for catalysts.
2. SP eventually broke below the accumulation zone (red) on Thursday taking out support between 0.10 and 0.09. Note Friday's candle has a much smaller body and wicks up & below, indicating temporary ease of selling pressure.
3. There are 2 major support levels - 0.08 (4 week low) and 0.076 (2 month low). This forms a zone (in green) which will be key in the next few days, a re-test in this support zone and rebound would be ideal.

A close below the zone however will mean it has truly entered bearish territory and stop losses should be in place. A wick below with closing price within/above the zone can also be a positive signal.

Looking at broker data for the most recent break out, seems to be mostly retail and UBS adding, so no surprises there.


Wherever price goes from here, remember to have a plan to protect your capital. GLTA

Cheers
Hez