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.
23-Jan-2024 : Keeping it Simple with Price Action & Technical...
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Last
$32.34 |
Change
0.140(0.43%) |
Mkt cap ! $20.63B | |||
| Open | High | Low | Value | Volume |
| $32.65 | $32.71 | $32.34 | $115.8M | 3.560M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9191 | $32.34 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $32.41 | 667 | 1 |
View Market Depth
| Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
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Last
$32.40 |
Change
0.140 ( 0.88 %) |
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| Open | High | Low | Volume | ||
| $32.65 | $32.70 | $32.40 | 305588 | ||
| Last updated 15.59pm 10/05/2024 ? | |||||
| RMD (ASX) Chart |