Oh for sure, all that applies...but there is also market risk and lack of Demand, its not the only stock on the ASX now is it...people move money around hence the waves of buying and selling or ebb and flow, the moving averages are basically just the median lines of that flow over differing periods of time.
You can see on the hourly the Par Sar has just turned negative, and the first line of support is the 20 EMA (purple) then the 50 EMA in blue around the 34 mark.
On the daily you can see the trend over time is for it to pull back to the 20 EMA but there is a chance of an overshoot to the 50 as seen in April...thatll need a Macro market correction though to happen IMO, or bad news from company but from a FA POV we don't forecast much of that on the horizon.
On the weekly it has been trending above the 8 EMA and last time it pulled back to the 20EMA was last year in September. The 8 week EMA is currently at 30c and trajectory its on should see that around 33c when next weeks candle pops up. So 33-33.5 cents looks like a fairly solid support at the moment.
The reason we don't want to see the price get carried away in a very fast run is that it inevitably leads to new comers getting trapped at the top while other holders see such fast profits and dash to the exit, thus creating a major pull back and killing this momentum and creating a zone of hard resistance when the price recovers as the trapped holders look to sell and move on after the stress of such a quick loss.
So slow and steady is better to maintain the trend. all IMO ofcourse.
