Below is a weekly chart of Regis Resources Ltd (RRL). SP had an awesome 4% rally today hitting a 2 1/2 year high of $3.25 before settling at $3.19.
There was a recently a bullish signal when PA had a breakout above $2.86 - $2.93 resistance area with conviction. SP is trading above both the 50w and 200w sma's which is bullish. Currently sitting on up-trend resistance of a bullish channel and within the $3.17 - $3.21 horizontal resistance area after strongly bouncing off $2.17 at the 23.6Fib retracement at the start of Q2. Possible support at $2.86 - $2.93 near the 38.2Fib may be tested over coming weeks.
MACD had a bullish up-cross during early-3Q15 with an expanding +ve histogram. MACD bullish momentum had since stalled during 4Q15 and 1Q16, however from the start of Q2 has showed bullish signs with a MACD bullish up-cross with expanding +ve histogram due to the recent PA. This is a bullish signal too.
Stochastics bullish higher lows have been formed >20 during 3Q15 before %K entered the bullish continuation region during 4Q. Stochastics had recently become overbought but has since been making an attempt to re-enter the bullish continuation region. As indicated in the chart, similar conditions occurred during 2Q12 before the SP added over 30% by the end of 3Q12. As stated above, SP has had a breakout above recent highs with conviction which should go a long way to pushing stochastics back in the bullish continuation region. This too is a bullish signal however altogether, a very bullish signal.
The ideal time to have purchased RRL would have been during late-3Q15 when the SP broke above resistance at $1.54 - $1.58 after the MACD and Stochastics gave their bullish signals during 3Q. More recently with the moves and positioning of momentum oscillators - once the SP broke above $2.86 - $2.93 resistance with conviction - this was a reconfirmation of the earlier 3Q bullish signals.
IMO bullish over the next 6 - 12mths. DYOR.
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RRL Price Action
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Last
$1.82 |
Change
-0.055(2.94%) |
Mkt cap ! $1.371B |
Open | High | Low | Value | Volume |
$1.86 | $1.87 | $1.80 | $4.593M | 2.521M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10000 | $1.81 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.82 | 3729 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 128927 | 1.805 |
6 | 63848 | 1.800 |
4 | 32471 | 1.795 |
5 | 23054 | 1.790 |
1 | 6496 | 1.785 |
Price($) | Vol. | No. |
---|---|---|
1.815 | 3729 | 2 |
1.820 | 39084 | 9 |
1.825 | 8793 | 2 |
1.830 | 98052 | 6 |
1.835 | 68840 | 7 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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RRL (ASX) Chart |