OK ...Ascending trendline survived the day intact and we have had a low of 5.1c today as expected. It has remained above the ascending trendline for the close and in-fact ended up green 2 ticks. A positive outcome all in all.
Some might interpret the green finish as a show of support but I would like to see tomorrows trading above (and a close above) 5.4c to be 100% sure of the entry of significant support.
This support if/when it comes should be accompanied by increased volume. That is once 5.4c is reached the volume should start to pour in. Ie people thinking its safe to return to the water but not wanting to miss out on much of the forthcoming leg up. If the volume does not come in then we might have to retest the lower ascending trendline again before a retest of the 6.1c recent high.
So the probability that the lower ascending trend line will not be breached has increased in my mind from 70% this morning perhaps 75% now.
All is IMHO DYOR to Confirm
NMR Price at posting:
5.3¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)