Appreciate your insights as always @EWexplorer
I am not a pro chartist, but yes it does not look like a saucer pattern playing out. A saucer involves a slow trend reversal [0]. At this time, I'd assume the continuation of current pennant over 1 year+ period. That pennant would breakout on the back of company announcements. The million dollar question is, is the SP bottoming at $1.4/$1.5 or are we still in the continuation of a descending channel?
As pointed out by @stewar1t RAC more or less tracks the biotech indexes, so assuming an index recovery, this could create the pressure necessary to lift SP while we patiently wait for Announcements & hopefully breakout. Below is RAC vs XBI biotech index [1].
[0] https://www.investopedia.com/terms/s/saucer.asp
[1]
RAC - Charts & Price Action, page-15871
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Last
$1.85 |
Change
-0.090(4.64%) |
Mkt cap ! $315.1M | |||
| Open | High | Low | Value | Volume |
| $1.95 | $1.95 | $1.84 | $151.8K | 80.89K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | $1.85 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.86 | 3965 | 3 |
View Market Depth
| Last trade - 10.57am 15/07/2024 (20 minute delay) ? |
| RAC (ASX) Chart |