I was going to wait until the end of the week to do a chart update but since you called me out ill do one haha.
So on the daily we can see that the RSI is beginning to turn to the upside along with the stoch rsi aswell.
Seems like we have made a higher low at .435 (almost touched the 200 day ema at .425 at the time.
We need to see another day of continuation in my opinion to confirm this current rebound however considering the market was down today we did quite well to close at .540 on decent volume.
Tommorow feels important as we will most likely test the 20 day & 50 day emas.
A close above these and the VWAP would confirm this rebound in my mind. It would also coincide with a test of the 50% fib level at .575.
Im also expecting resistance on the way up as we have some buyers stuck above these levels that would no doubt want to exit if they get a chance
(or if they havent already).
MACD is slightly moving back up aswell.
Now to the weekly chart. We're actually looking okay if we can head above the fib level by the end of the week at .575. Keen to see continued volume on the push up too to confirm the rebound. We're trading above all the weekly emas and the weekly VWAP aswell so if we can hold these levels its a great sign.
Now overall we've all been through the ringer over the last 10 days with some wild volume swings. We had 2 great anns (especially the proof of concept OSA phase 2 results) and we we're sold off which bloody hurt a lot of the long termers that were expecting a positive move up on those positive results.
Last night also saw some trading occur on the nasdaq for IXHL which had its highest volume day. Now the volume was still quite small relatively speaking however here are some statistics that interested me for the way IXHL traded last night.
- 27,000 ADS were traded which equates to 675,000 ordinary shares of IHL.
- Hourly VWAP being $62.26 had a total monetary value of $1,681,020 USD which converts to $2,337,071 AUD.
- This represents 19.33% of the monetary value that was traded on the ASX for IHL today.
It will be interesting to watch how IXHL trades tonight and if we see higher volume. Although volume is still small i do actually think that last nights trading had an impact to the way IHL traded today. Whether it was small or big remains to be seen but we finished almost 7% up on a pretty poor day for the ASX.
