RAC

1.74%

$1.47 race oncology ltd

Thanks teeth. I use support resistance from pivot points but...

First 21957 Last

Share
Profile

Follow
Roger233

348 Posts.

55

15/08/24

10:31

Post #: 75216561
Share

Originally posted by Teeth: ↑

Hi Roger,

I've never used Elliot waves and to be honest don't really know anything about them/how they're used.

By trend lines, I assume you mean the path arrow drawings I put in? The horizontal dotted line is the closest major level of interest (based on a longer term volume profile). Price is aways holding or losing support/resistance levels and that's pretty much all I've drawn in. It 'lost' the $1.63 support, so we'll either see a rejection from this level when it returns, or price will push back over and try to hold it again. Nothing fancy. Eventually the market will create some new levels I'll watch for, but so far it's still respecting the ones on my chart.

The reason I expect price to then move to the VN High if it reclaims the $1.63 support is that it signals buyers have showed up again, and potential longs will be looking for a new high. It will also most likely create some structure that will allow those longs to apply risk management to their position. Buying on the drop down and below the AVWAP is riskier if you're looking for somewhere to put a stop loss. Although if you're bullish and looking to buy dips to hold long term, even though there's lost ground to make up, that may be a reasonable entry area (and I did give a family member cash to buy below the AVWAP. We'll see if it turns out to be a good or bad birthday present soon).

Expand

Thanks teeth. I use support resistance from pivot points but they are the same as yours.
Interesting that the elliott waves are similar too.
Im leaning towards your bearish path but I think its a great opportunity and I reckon your family member will do pretty well.
Keep up the good work

RAC Price at posting: $1.59 Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

Bitcoin hits fresh record as instos pile into BTC ETFs – and Trump helps, too

Aussie inflation seemingly hit a 3 year low. So why's the ASX200 red?

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch

What each US election outcome would mean for Australian companies & investors

MIN

Movers and Shakers: Zip Co, MinRes, Kuniko, more – The week's top ASX gainers

Making money: How many microcaps should be in an investor's portfolio?

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Week 44 Wrap: Relatively boring week ahead of US election; HotCopper's most watched; Oz inflation at 3.5%

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

There are more pages in this discussion • 977 more messages in this thread...

First 21957 Last

Add RAC (ASX) to my watchlist

(20min delay)
Last $1.47		Change 0.025(1.74%)		Mkt cap ! $249.7M

Open	High	Low	Value	Volume
$1.44	$1.48	$1.44	$25.63K	17.46K

Buyers (Bids)

No.	Vol.	Price($)
1	312	$1.47

Sellers (Offers)

Price($)	Vol.	No.
$1.48	354	1

View Market Depth

No.	Vol.	Price($)
1	312	1.465
1	2000	1.460
1	548	1.440
1	2046	1.420
3	14000	1.410

Price($)	Vol.	No.
1.480	11014	1
1.495	2500	1
1.500	4999	1
1.520	485	1
1.530	10000	1

Last trade - 16.10pm 01/11/2024 (20 minute delay)

RAC (ASX) Chart

Thanks teeth. I use support resistance from pivot points but...

Bitcoin hits fresh record as instos pile into BTC ETFs – and Trump helps, too

Aussie inflation seemingly hit a 3 year low. So why's the ASX200 red?

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch

What each US election outcome would mean for Australian companies & investors

Movers and Shakers: Zip Co, MinRes, Kuniko, more – The week's top ASX gainers

Making money: How many microcaps should be in an investor's portfolio?

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Week 44 Wrap: Relatively boring week ahead of US election; HotCopper's most watched; Oz inflation at 3.5%

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Thanks teeth. I use support resistance from pivot points but...

Top Stories

Bitcoin hits fresh record as instos pile into BTC ETFs – and Trump helps, too

Aussie inflation seemingly hit a 3 year low. So why's the ASX200 red?

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch

What each US election outcome would mean for Australian companies & investors

Movers and Shakers: Zip Co, MinRes, Kuniko, more – The week's top ASX gainers

Making money: How many microcaps should be in an investor's portfolio?

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Week 44 Wrap: Relatively boring week ahead of US election; HotCopper's most watched; Oz inflation at 3.5%

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News