Charting WMG, page-76

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timmo

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31/05/23

11:40

Post #: 68053111
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Originally posted by Sherb ↑

Current update

DAILY: Have retaken and closed above the 18/20EMA (red line), which is mean reversion. We are above that line, which indicates bullish activity. Money flow, volume all good. Note the boll bands (weekly and daily) will act as resistance (daily = $0.91). Without a catalyst, the price will trade within these bands. A lot of daily MA around the $0.75-$0.765 area. You can see the Fibonacci Retracement tool being applied to this trading range (take fib from bottom to top - for an uptrend retracement, the reverse for a downtrend retracement ie: top to bottom), it was a deeper retracement, hitting the ~75% level, where it found buyers. Chart is moving very techincally, which at this point, can indicate institution action. Remember, they are smarter than you, and they are trying to shake you of your shares. They will wipsaw bulls and bears, prepare for the emotional ride.

WEEKLY: Trend is super strong, a bounce off the 8EMA (cyan line) is purely technical, fantastic. You can see the POC levels, and there is good support in the low $0.70's. Just be mindful that the trend is technically getting exhausted, with a TD9 sequential. This can obviously continue to extend, but an FYI. Id be aware of the weekly (and daily) bollinger bands, as price trades within these bands 95% of the time. The upper band (=$0.95) commonly acts as resistance.

Note: @timmo, I still don't understand your fibonacci targets/style. Fibonacci Retracement tool is exactly that, a retracement tool wihtin the 0-100% range. I don't get the placement of your fib retracement tool tbh. I understand you can have targets outside of the 0-100% (eg: -161.8% target = $1.235), but the origin and ending placing are critical for any chartist placement of this tool. For better or for worse. Would appreciate to be educated more.

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hi @Sherb

WMG Price at posting: 80.0¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 23.5¢		Change -0.010(4.08%)		Mkt cap ! $20.86M

Open	High	Low	Value	Volume
23.5¢	24.5¢	23.0¢	$6.9K	28.60K

Buyers (Bids)

No.	Vol.	Price($)
3	15261	23.0¢

Sellers (Offers)

Price($)	Vol.	No.
23.5¢	4504	1

View Market Depth

No.	Vol.	Price($)
3	15261	0.230
1	29602	0.220
1	50000	0.215
2	116000	0.210
2	54750	0.205

Price($)	Vol.	No.
0.235	4504	1
0.240	12080	1
0.245	18000	1
0.255	27000	1
0.260	35000	2

Last trade - 15.37pm 27/09/2024 (20 minute delay)

WMG (ASX) Chart

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Charting WMG, page-76

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