Musings of a bored technical analyst (clutching at straws,...

Musings of a bored technical analyst (clutching at straws, maybe!)

This is so boring...a slow grind down but with not much volume and a general lack of interest from both buyers and sellers.......

But the recent move from the low of 23.5c could be seen as a 5 wave move up, concluding at 30.5c on 4 May. So if that is the case, then we should have a 3 wave correction to about the 61.8% retracement level of the intial 5 waves up, being 26/26.5c area.

Also the measured move of A=C in the 3 wave correction, targets 26.5.

So we are in a support area right now! but only if the above analysis is correct. Time will tell. A break above 30.5 from current levels would give me more comfort on this chart pattern.

On the daily chart, MACD is still positive, albeit barely, and slow stochastic is at a level from where we could get a bounce. DMI is inconclusive.