I read some commentary of the decade old cup & handle formation with the current handle forming. One would need a lifetime of patience to see such pattern playing out.
However I came across the mini H&S from another commentator and I must admit I have difficulty spotting such potential pattern in reverse. The neckline is still overhead but what is of interest is the 200sma(red line) that is acting as strong resistance. In May on the way up, it too spent a few days rangebound before price finally snapped through strongly. I thought last night in US open, price could break but met sellers at this MA. A few days earlier as price initially broke the same MA, I noticed it had to break the 50% swing retracement.
I've given up what triggers gold rally or sell off. Since the beginning of this month, I was worried by the way bond yield fell that picked up speed last week and we finally see the volatility in equities generally. Either way I don't views gold stocks as a protection against such volatility. Of interest is that Bitcoin has definitely broken the keenly psy $30K level and closed below it so if the relationship to gold is -ve, then could be the driver back to a gold rally?
The 10Y yield had a big reversal last night with a hammer candle but it will require a follow through yield rally this week to give some confirmation equity dip buying is sustainable instead of a DCB.
DEG at one time diverged from the sector to test its ATH, forms a triple top then looking to be filling some of that range. Currently trend line support but the 200sma has broken today. Unfortunately @Skol bear flag is playing out. It will be debatable if that TL can hold with not much horizontal confluence. I can find some between $1.00-1.06 as potential levels.
Nothing seems to have changed with he fundamentals and in fact it has ticked all the boxes. I am 'thinking' the market was factoring the MRE hence it rallied against the bearish sector but the number didn't quite 'shoot out the lights' so now it will be digesting on those capex numbers and what type of extracting process.
No setup for me to start looking yet but constantly watching for signs to get back in. Good luck holders.
[ATTACH] I read some commentary of the decade old cup & handle...
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Last
$1.32 |
Change
0.025(1.94%) |
Mkt cap ! $2.434B | |||
| Open | High | Low | Value | Volume |
| $1.30 | $1.33 | $1.29 | $4.444M | 3.399M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 102200 | $1.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.32 | 11019 | 1 |
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| Last trade - 16.10pm 24/04/2024 (20 minute delay) ? |
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Last
$1.31 |
Change
0.025 ( 1.78 %) |
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| Open | High | Low | Volume | ||
| $1.30 | $1.33 | $1.29 | 598858 | ||
| Last updated 15.59pm 24/04/2024 ? | |||||
| DEG (ASX) Chart |