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

First 2 Last

Share
Profile

Follow
Asxcharts

104 Posts.

66

23/01/24

19:46

Post #: 72029427
Share

Originally posted by Asxcharts: ↑

2-Jan-2024 : Keeping it Simple with Price Action and Technical Analysis

Happy New Year Everyone.
I am working on a few Stock Screeners for myself this year, and my idea is to test the outcomes by posting the screener results along with my analysis in the new year. Will appreciate any feedback/suggestions.
One of the screeners is for target stocks that have been in an UpTrend and have corrected and now showing signals of catching their uptrend again. I may or may not own these stocks and my analysis can have errors... so by default.. DYOR.

One stock found today is CZR Resources.. Lets see what I can analyse..
* The chart is a "2-Day" chart for the last 1 year.
* CZR had been in a downtrend since Jan'23, but has been in an upmove since Oct'23 with higher lows.
* The RED zone and RED arrows show the resistance at various points
* The GREEN zone had been a resistance area for a long time, but polarity switched successfully and it has now become a Support Zone ( Last Green Arrow )
* The candles of the last few weeks show good strength and indicate that the strength will successfully hold.
* If it can hold this support, then the probability will be high for it to breach the Resistance zone immediately above and break that last high swing. Doing that will establish a good up-move.
* I can also see an "Inverse H & S" formation [ In BLACK ] , that validates the switch of Resistance/Support zone.

Expand

23-Jan-2024 : Keeping it Simple with Price Action & Technical Analysis.
Follow-up update POST to my previous post on 2-Jan-2024.

The stock fired up since then, and from .21 at that time, hit a high of almost 80% at .38. AMAZING.
Since hitting a high it has corrected and for re-entry, should be looking for a new established support and regain of strength.

CZR Price at posting: 32.5¢ Sentiment: None Disclosure: Not Held
1 Upvote

0 Great analysis

Reply