Charting 2024, page-18

Here is some more , this time the Weekly Chart, made on ChatGPT chart analysis, DYOR or ask your financial advisor

Weekly Chart analysis ( as opposed to the Monthly above )

Weekly Chart - Updated Technical Analysis and Predictions for Oncosil Medical Ltd (ASX: OSL) -

Key Observations from the Weekly Chart:

1. Recent Price Action:

   • The stock price has increased by 9.09% to 0.012 AUD after briefly dipping to 0.009 AUD.
   • This move suggests some buying interest at lower levels, but the price is still facing resistance.

2. Exponential Moving Averages (EMA):

   • 20 EMA: 0.008 AUD
   • 50 EMA: 0.009 AUD
   • 100 EMA: 0.016 AUD
   • 200 EMA: 0.032 AUD
   • The stock has managed to climb above the 20 and 50 EMAs, which are now acting as support. However, it is approaching the 100 EMA, which may act as a significant resistance level.

3. Volume Analysis:

   • Volume has increased noticeably, particularly during the recent upward move. This volume spike suggests strong participation, potentially from both retail and institutional investors.
   • Sustained high volume could indicate that the stock has the momentum to challenge higher resistance levels.

4. Money Flow Index (MFI):

   • The MFI is at 81.89, indicating that the stock is in overbought territory. This high MFI suggests that the recent rally might face some resistance and a possible short-term pullback could occur.

Technical Predictions for the Next Three Months:

1. Immediate Outlook:

   • Resistance at 100 EMA (0.016 AUD): The stock is nearing the 100 EMA, which could act as a resistance level. If the price struggles to break above this, it could lead to a consolidation or pullback.
   • Support from 20 EMA (0.008 AUD) and 50 EMA (0.009 AUD): These EMAs now act as support levels. As long as the price remains above these levels, the trend could be considered cautiously bullish.

2. Bullish Scenario:

   • If the stock breaks above the 100 EMA (0.016 AUD) with strong volume, it could target the next resistance at the 200 EMA (0.032 AUD). A sustained breakout above these levels would signal a more significant trend reversal.
   • Positive news, continued buying interest, or a broader market rally could fuel this upward movement.

3. Bearish Scenario:

   • If the stock fails to break above the 100 EMA and encounters resistance, a pullback could occur. The stock might retest the support at the 50 EMA (0.009 AUD) or even the 20 EMA (0.008 AUD).
   • Given the high MFI, a pullback is plausible as the stock might need to consolidate before making another attempt at higher levels.

4. Consolidation Scenario:

   • The stock might consolidate between the 50 EMA and 100 EMA (0.009 AUD to 0.016 AUD) if it neither breaks out nor faces significant selling pressure. This could form a base for a future breakout, depending on market conditions and company developments.

Conclusion:

• Critical Resistance: The 100 EMA at 0.016 AUD is a significant resistance level. A breakout above this level would be a bullish signal and could lead to a test of the 200 EMA at 0.032 AUD.
• Key Support: The support levels at the 20 EMA (0.008 AUD) and 50 EMA (0.009 AUD) are crucial. As long as the price stays above these, the bullish trend may continue.
• Overbought Conditions: The MFI being in the overbought territory suggests that caution is warranted. A pullback or consolidation might occur before any further upward movement.

Recommendations:

• For Long-Term Investors: Monitor the stock closely as it approaches the 100 EMA. A sustained breakout above this level with volume could present a buying opportunity. However, be cautious of potential pullbacks given the overbought MFI.
• For Traders: Consider taking profits if the stock struggles to break above the 100 EMA. Look for re-entry points around the support levels, particularly if the stock pulls back and shows signs of consolidation.

This analysis provides a detailed overview of the potential scenarios for Oncosil Medical Ltd (ASX: OSL) over the next three months based on the weekly chart. Monitoring key technical levels and market developments will be crucial for making informed decisions

Disclaimer: Do your own research or ask your financial advisor; AI basesd research