HYD 0.00% 1.4¢ hydrix limited

Monthly chart

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    Monthly weekly & daily charts.
    All three time frames are now in sync & showing what I believe confirms the bottom.
    The monthly
    The last low is the second consecutive higher low. This higher low is also the base of the H & S pattern shown by the red dotted rising trend line.
    It is also showing a bullish rising three candle pattern with a doji for Jan and with volume decreasing from the spike 5 months ago.
    The sp is currently below the lower parallel so I would expect it to rally back to that & potentially to the median line. A decent rally back above the lower parallel would see the sp back at the top of the trading range at $0.26.
    I have drawn a pitchfork starting from 29 Nov 2013, the highest point on 30 Sept 2014 & the low on 31 Aug 2015.

    The weekly shows the sp has closed above the top of the Top parallel of the pitchfork 1,2,3 marking the down trend & also lower parallel of the pitchfork marked A,B,C which is the short term uptrend.
    I believe that this is a bullish signal. Also the stochastic is at the point of crossing so that also is a bullish signal if it completes the crossover.
    I would expect the sp to reverse back up to the median line eventually but it will take some good news to get it up there. If the sp follows the trend line up, there is congestion around the $0.15 area (red circle)
    If it can’t get the momentum going to get through there then the H & S line should provide continued support in the event of a retest of the lows. The sp needs to stay above the lower parallel line for this so far higher low to become the base of a new longer term uptrend.

    The daily candle looks bullish to me but as usually happens of late on the daily chart the candle was made to order. The low was on 1 trade of 13,090 shares & the high was made with two trades & 35,756 shares so the greater volume of 465,000 was at $0.125.
    Never the less it’s a good looking candle & the sp has closed at the resistance formed by the lower parallel line & the $0.125 level.
    The sp opened clear of the down trending line (dotted parallel) & has as its base the rising trend line.
    I am thinking that next week we will see the sp testing the upper parallel in the red circled area which appears to be very messy with merging trend lines etc.
    Whatever the outcome the charts are all looking particularly good for a reversal this week I think.


    PSY Daily 30 Jan.jpg PSY Monthly.jpg PSY Weekly Jan 30.jpg
 
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Last trade - 13.11pm 28/06/2024 (20 minute delay) ?
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