No worries.
Firstly, TA is a very loose science to begin with and I am no expert. But i do enjoy a dabble from time to time.
What you see there a type of falling wedge, you have a few things required to make a falling wedge:
- an upper resistance line
- a lower support line
- a contraction and
- a break out with large volume
Theory is that there is downward pressure which doesn't break a lower support line due to the buyer's support. Eventually the spot price reaches the support line and the bulls return.
In reality however it rarely works so well haha. My honest opinion is that it will rally - but if Web breaks $3, it will most likely see a re-test of the lows in mid-April.
For your perusal: https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:falling_wedge_reversal
Covid-19 dying, flights will resume sooner than expected, page-209
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Last
$7.40 |
Change
-0.030(0.40%) |
Mkt cap ! $2.894B | |||
| Open | High | Low | Value | Volume |
| $7.36 | $7.42 | $7.29 | $11.21M | 1.521M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 2953 | $7.38 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.42 | 3000 | 1 |
View Market Depth
| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| WEB (ASX) Chart |