Share price really bounced around this week, but in simple terms, we started the week at 5.6 cents and close the week at 6.3 cents, pretty decent.
Barcharts now has it as a 64% buy - https://www.barchart.com/stocks/quotes/ARU.AX/overview
Worth noting it was also the highest volume week in the last 5 years, which is significant and someone must be getting set.
It will also be the highest volume month in the last 5 years at the end of May.
On the weekly chart, a couple of things I spotted and thought it was worth pointing out.
Like the chart above, we are just starting to peak our heads above the downtrend line from the Sept 17 high.
Similar to that run up though, the build up here is starting to look very similar.
I highlighted in the white box the few weeks of interest from June/July 17, just after three down (red) weeks in a row.
If you look at our last 3 weeks, which have occurred after 3 down weeks in a row, they appear similar to the first 3 in the white box, except the rise in the current ones are larger.
Following that there is some consolidation, then as the blue line on the MACD crosses 0, the share price really starts to run.
Now, most of the indicators support this potential price action as well
- SMA trending up for the first time in a while
- Slow Stochs rising as well
- MACD to push over 0 in next few weeks
- Highest volumes in last 5 years
It might take a few weeks and I would like to see a slow and steady rise this time, but I expect this will start to push up towards 10 cents.
The only thing that isn't quite as supportive as Sept 17 run is the monthly chart, as last time the MACD on that pushed through 0 at the same time.
It's not far away, but that is why I think the rise could be more of a slow and steady approach for June/July which would turn the monthly chart around and see a big second half of 19 for ARU.
Thoughts?
Chart, page-11
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Last
16.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $383.8M | |||
| Open | High | Low | Value | Volume |
| 16.5¢ | 16.5¢ | 16.0¢ | $208.3K | 1.276M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 33 | 1533397 | 16.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 16.5¢ | 568435 | 10 |
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| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| ARU (ASX) Chart |