STTCOMP ZMI, TA Long
Posted this on the ZMI thread thought i'd might as well throw it in as a tip as well.
Similar to PSC in it's trading, being that it's been quite volatile and had wide range of price points, so the daily is quite misleading. The 10min chart provides a clearer picture.
It's bounced off support at 2c 3 times today, closing again at support in the auction on low volume.
Increase of volume came at 2.1c a number of times in the afternoon, was pushed down on low volume but bounced off support at 2c.
Still in an overall uptrend, with that uptrend channel still in tact. MACD is now forming a bottom bowl, volume lowering and should start to come around next week, but needs to hold 2c support and open at 2c and go up rather than go down next week to indicate direction of the days trading and momentum.
Symmetrical triangle also forming on the chart, bullish signal especially with the bounce off support.
60min chart showing the same symmetrical triangle formation and uptrend, also with a clearer dragonfly doji, which following a downtrend usually signals a reversal. Also shows the bounce off 2c twice.
Daily Chart is good, but todays candle is exaggerated because of the volatile price fluctuations and is misleading, it does show it bounce off lower support of 1.9c and is still in an uptrend, with the EMA and MA closely aligned which is good and trending up, the MACD trending up. Volume spike will also put it on radars of many traders and investors over the weekend.
Starting to get a re-rating now which is reflected in the volatility, still more profit takers to churn through but should push higher with a target of at least 3c on the short term.
10min chart
60 min chart
Daily Chart
