The Power of Support Retest..
13-Nov-2023 : Keeping it Simple with Price Action and Technical Analysis.
The weekly chart of Weebit Nano tells an interesting story of a pullback with resilience.
Let's see what we can derive, looking as far back as Sep-2021
* We can trace a straight line since Sep'21, that has a strong resistance ( RED Flags), till Dec'22, after which the polarity flipped and resistance became the new support.
* From Jan'22, the stock shot up and saw a high with almost 120% gain in just 2 months !!!
* Since Mar'22, it has been in a decline, with again a clear resistance trend line ( WHITE Line ), with multiple attempts to cross, and failed.
* The long support line got breached in mid-Sep'23, and the support is being now retested.
* The Doji indicated a reversal of trend, followed by a long wick bullish hammer candle, hence reinstating that the support has high probability to stay.
* I can also see an Inverse Heads & Shoulders formation now, with the neckline around 4.5 price point.
For me, the stock is in a good space to enter on any correction with a stop-loss below the last swing.. with more that can be added on signs of successful breaching that neckline resistance that's very close to the White resistance line also now.
** ACCIDENTS HAPPEN IN ANY ANALYSIS ... NEVER TRADE WITHOUT A STOP-LOSS.
Charts, page-4426
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Last
$2.28 |
Change
0.030(1.33%) |
Mkt cap ! $430.0M | |||
| Open | High | Low | Value | Volume |
| $2.34 | $2.38 | $2.28 | $1.325M | 571.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 30606 | $2.28 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.34 | 16589 | 1 |
View Market Depth
| Last trade - 16.10pm 27/05/2024 (20 minute delay) ? |
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Last
$2.29 |
Change
0.030 ( 1.55 %) |
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| Open | High | Low | Volume | ||
| $2.29 | $2.38 | $2.28 | 117166 | ||
| Last updated 15.59pm 27/05/2024 ? | |||||
| WBT (ASX) Chart |