Righto. Well what a difference a month makes - just been rereading my thoughts on June 9th where I said I'm pretty bearish on the overall market. Anyway, that's not important now. Now the challenge is to make a prediction from that slight dog's breakfast of lines below.
The way I see it, we've had three waves down which started late April and from what I've read in my little trading book, those often happen in threes so hopefully that's put an end to big downward moves. I've put the support at $0.55 and don't think it will go lower than that from here. Resistance sees it at $0.67 and sets out an accumulation channel. It's the same with a few other stocks I follow and chart in GL1 and BKT. The idea is that we steady in this accumulation channel and compose ourselves while we wait for buyers to come back into the market and restart a move back up. Volume is pretty low now so it would appear the bears are exhausted but also we don't have many buyers either so it's a bit of a stalemate. My guess is that this accumulation could go on for a couple of weeks and as long as there's no more major news that comes out to upset the markets, a lot of the doom and gloom is now priced in and we can start looking forward, because that is what markets like to do.
I stepped out a few weeks back but will be looking to get back in soon. Typically I would wait for a break through of that resistance and a retest around $0.67 but I'm an impatient man and can't help but like what has happened with the resources doubling in the the last week or so. If the channel continues and it does indeed look like accumulation then I might just get in on the act.
Overall, in the last few days I've definitely become a fair bit more bullish about things in general but hoping the housing market doesn't implode to scupper any plans.
Good luck out there.
Rego
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Last
14.0¢ |
Change
0.010(7.69%) |
Mkt cap ! $44.62M |
Open | High | Low | Value | Volume |
14.0¢ | 14.5¢ | 13.5¢ | $28.54K | 205.1K |
Buyers (Bids)
No. | Vol. | Price($) |
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6 | 101983 | 13.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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14.5¢ | 50901 | 1 |
View Market Depth
No. | Vol. | Price($) |
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5 | 91983 | 0.135 |
9 | 84529 | 0.130 |
4 | 83800 | 0.125 |
5 | 185015 | 0.120 |
2 | 178913 | 0.115 |
Price($) | Vol. | No. |
---|---|---|
0.145 | 50901 | 1 |
0.150 | 110966 | 3 |
0.155 | 43443 | 1 |
0.160 | 100000 | 1 |
0.165 | 16060 | 2 |
Last trade - 16.10pm 28/03/2024 (20 minute delay) ? |
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Last
14.5¢ |
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Change
0.010 ( 8.29 %) |
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Open | High | Low | Volume | ||
13.5¢ | 14.5¢ | 13.5¢ | 88688 | ||
Last updated 15.59pm 28/03/2024 ? |
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