Sorry I am a bit late, I forgot about this & was just going through some notes where I left a reminder to have a look.
This chart has supply (selling) in the background, therefore the influence is for weakness, and the trend is down.
Since price brokedown below the 19.5cps level, there are a couple of signs of tentative (or speculative) support coming in, however it has not been as strong as the previous selling pressure.......well not yet anyway.....
As the thread title alludes, there has been previous support between 14cps and 15cps, and more recently a minor low pivot was put in place @15.5cps. This leaves a band or zone of potential support, although most of it has not been tested for about a year, so the actual strength of the support can only be anticipated.....until proven.
Below that is even older previous support @11cps, which has not been tested for ~2yrs.
And the more serious resistance above the current price is between @19cps -19.5cps, with a minor level @17cps.
The current price action looks a bit tenuous, and I would prefer to see some stronger signs of accumulation come in & change the influence over the chart change from potentially weak, to strong. The probabilities are high that further testing of the supportive band between 14cps and 15.5cps will occur (that doesn't mean it '
has to' happen, just that the chances are high it will happen)......perhaps this is where more stock will be drawn out, and further accumulation can come in to mop it up, as part of the accumulation process.
If the potential support in that band or zone is weaker than expected, and supply (selling) remains overwhelming expect price to test the lower previous support @11cps.
Only subsequent trading will show which is the case, as the 14cps to 15.5cps band has not been properly tested as yet..
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cheers
