18-Jan-2024 : Keeping it Simple with Price Action & Technical...

18-Jan-2024 : Keeping it Simple with Price Action & Technical Analysis..

The stock of CBO came in my screener today.. I don't hold it yet, but the price action looks quite promising.
My analysis can have mistakes to DYOR..

Looking at the Weekly chart of FPR since March'2022;
1. We can see a resistance zone since Mar'22. This has been rested and failed quite a few times, including recently at end of 2023
2. It hit a bottom in Jul'23, and since then has been making higher lows
3. We can see a small Heads and shoulders pattern breakout successfully since Jul'23
4. Since then, the "strength" of RED candles pales in comparison to the force of the GREEN candles.
5. For this week's incomplete candle, this is almost like an engulfing bullish candle
6. If this week ends closer to the resistance.. In which case it would be a very strong signal.

Note : Oddly, this new screener is giving these Head and Shoulder / Cup & Handle probable breakouts.. Which is good if these really perform well. Check this other analysis I posted today.
https://hotcopper.com.au/threads/fleetpartners-asx-charts-ta-only.7806729/