23-Jan-2024 : Keeping it Simple with Price Action & Technical...

23-Jan-2024 : Keeping it Simple with Price Action & Technical Analysis
This is a follow-up post to my previous post on Nov'23 above.
The way the stock has moved since then has only corroborated the analysis and the in-built quality of Resmed.
The movement upward has been slow and gradual, and personally, I like it when a stock regains its strength slowly and steadily.

Let's look at the updated current 2D chart as of EOD 23-Jan-2024;

* This week, the stock price has broken the resistance zone at 26. This was first established/tested/failed on 14-Dec-23.
* In the process of breaking this resistance, RMD has created a few patterns that are promising for a sustained up-move.
** It has respected the gradually rising support trend line since Nov'23
** It has also formed a nice "Cup & Handle" formation, with the handle now causing the breakout.
* The increasing GREEN count and height of candles since Nov'23, confirm the increasing buying interest and getting out of the hold of the short-sellers.
Now, it will be important to see, how it behaves once it has crossed this immediate stranglehold. It would be good to now see this resistance getting formed as a new Support zone.