ST1 2.33% 4.4¢ spirit technology solutions ltd

Over the last few months, ST1 hit an all time high, underwent a...

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    Over the last few months, ST1 hit an all time high, underwent a correction, and is struggling to consolidate.

    In hindsight, the telltale sign was the bearish engulfing candle on September 3rd.[1] On that day, It opened at an all-time high of 0.45, only to close at 0.40 - a 10 per cent drop from the open. That was the end of the multi-month rally.

    By the end of September, ST1 closed at 0.35, breaking the pink line of support.[2] A few days later, there was another touch of the descending yellow support line (taken from intraday lows).[3]

    In mid-October, a sudden bounce saw a testing of 0.40 - this was a key price line, being the close of the past bearish engulfing candle. But the daily candles could never close at that price,[4] and things soon went bearish.

    This became a downtrend for the rest of the month, and another touch of the descending yellow line, this time at 0.325.[5] In the past week though, ST1 had taken another bounce off that line.

    Looking at the upside, it first needs to contemplate some potential overhead resistance (blue line) around 0.39.[6]

    Looking at the downside, there is still a gap between 0.32-0.325 (grey zone). This emerged in August, and hasn't been filled yet.[7]

    https://hotcopper.com.au/data/attachments/2630/2630786-443caa8007a63ae878558982715d561a.jpg


 
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