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ThePig

2,941 Posts.

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17/05/19

07:14

Post #: 38606313
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Originally posted by TripleTop: ↑

Purple is really the long term downtrend support/resistance lines. You can see support become resistance and vice versa. If it stayed within those purpose lines and had a few more touches it would be in downward wedge - trending down but the range getting narrower - this is actually a bullish formation, but more bullish when in an uptrend.

Orange lines seem to be forming a longer term ascending triangle (flattish top, ascending bottom), however you could just see this as higher lows which is a good sign.

The indicators and volume are what make this look like it will move soon. Volume has run out. Both RSI and Stochastics are in oversold territory and Stochs have crossed up from within oversold (bullish). It’s never perfect - indicators can stay in oversold for a long time before they get going again, but looking at the volume it looks like we will get some action again soon, hopefully driven by a nice update, and the direction will be up!

Hope that helps?

I’m no means an expert at TA (always learning) but have used it reasonably well to supplement my FA.

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Excellent information thanks for providing it!!

EN1 Price at posting: 3.2¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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