3-Nov-2023 : Keeping it Simple with Price Action & Technical Analysis.
Since 18-Nov, STK reached a TOP and then started consolidating. I was in a dilemma whether to SELL or HOLD, especially looking at the bearish divergence in RSI while the price remained in a consolidating zone.
This post is to jot down my thoughts, as to why I remained invested and hence got the benefit of patience. Look at the charts that follow
below this one.
I had to go down a level deeper, into monthly timeframes. And what it showed was pretty exciting and the reason to HOLD with a nice SL rather than SELL.
Observations from Monthly Chart for STK;
* Since 2013, there has been a STRONG resistance at the 0.1 levels. It can be seen, that it was tried to be broken several times (RED arrows)
* The WHITE line is a 40 period monthly MA. It can be seen trending UP since 2021, with also a BULLISH divergence in 14 period RSI
* During the same period, the monthly volumes have been huge and increasing... with a huge jump in Oct'23.
* In Sep'23, the price majestically broke the 40 MA, and was followed by that huge volume in Oct'23. This is what we call ELEPHANT STEPS.
* The close above 0.1 was with a HUGE green candle, and RSI also crossing the trend line that can be drawn on the RSI Tops.
So I had reason to believe this would sustain its UP trend, and at 0.1 was a GREAT but with a SL just a notch below.
- Forums
- ASX - By Stock
- STK - ASX Charts - Is there more steam left ?
3-Nov-2023 : Keeping it Simple with Price Action & Technical...
-
- There are more pages in this discussion • 35 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add STK (ASX) to my watchlist
(20min delay)
|
|||||
Last
11.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $205.8M |
Open | High | Low | Value | Volume |
11.5¢ | 11.5¢ | 11.5¢ | $11K | 95.65K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
10 | 958042 | 11.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
11.5¢ | 273192 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 958042 | 0.110 |
6 | 345112 | 0.105 |
10 | 714777 | 0.100 |
1 | 50000 | 0.099 |
3 | 237371 | 0.097 |
Price($) | Vol. | No. |
---|---|---|
0.115 | 273192 | 5 |
0.120 | 238526 | 10 |
0.125 | 968991 | 10 |
0.130 | 2020249 | 7 |
0.135 | 638579 | 8 |
Last trade - 10.08am 24/06/2024 (20 minute delay) ? |
Featured News
STK (ASX) Chart |
The Watchlist
FHE
FRONTIER ENERGY LIMITED
Adam Kiley, CEO
Adam Kiley
CEO
SPONSORED BY The Market Online