PAA 0.00% 22.0¢ pharmaust limited

Daily ChartThings got interesting on 2nd April when we spiked on...

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    Daily Chart
    Things got interesting on 2nd April when we spiked on the Trading Halt (which was really nothing burger news, even though we got some publicity)
    This would have been a great sell point for the traders - we had punched above the Bollinger and predictably, like always, had to come back down. This green bar on 2nd followed by Red bar on 3rd April was a textbook reversal signal which followed through and then went crashing through trendline support (purple line) with further selling - possibly from technical traders.
    This was a bit of a no-brainer set up for those with the courage, and I am kicking myself for being not having a try- easy said in hindsight.
    SP is hanging on a thread - two threads actually: middle of Bollinger and also the 20 day EMA (orange) - both of these have reliably offered support in recent months.
    For those into the dark arts .35 is approximately the 50% fibonacci retracement level from the dip to .255 on 7th March to 43.5 seen on 2nd April - so this could find support from TA's getting back in. Interestingly .255 was a fraction above the 61.8% fibonacci retracement from the .068 to .535 movement. Funny how TA can break through all the noise like that.
    A break below .35 will bring further weakness - like low 30's weakness
    The idea of regaining the purple trendline in the short term is a bit fanciful IMO - SP would need to breach Bollinger just to touch back on it, so I don't see how this could be any kind of magnet.
    Probably a muddy slog until we get FA reprieve
    DYOR moron
    https://hotcopper.com.au/data/attachments/6095/6095488-06986268f11b83681a04c53517f78d3c.jpg

 
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