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.
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Last
12.0¢ |
Change
0.015(14.3%) |
Mkt cap ! $214.7M |
Open | High | Low | Value | Volume |
11.0¢ | 12.0¢ | 11.0¢ | $164.1K | 1.445M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 664872 | 11.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
12.0¢ | 601909 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 414872 | 0.110 |
9 | 1166541 | 0.105 |
9 | 1082481 | 0.100 |
2 | 70202 | 0.099 |
1 | 50867 | 0.098 |
Price($) | Vol. | No. |
---|---|---|
0.120 | 401909 | 6 |
0.125 | 982454 | 10 |
0.130 | 1527425 | 8 |
0.135 | 641925 | 7 |
0.140 | 721167 | 8 |
Last trade - 16.10pm 14/06/2024 (20 minute delay) ? |
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Last
11.5¢ |
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Change
0.015 ( 4.55 %) |
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Open | High | Low | Volume | ||
11.0¢ | 12.0¢ | 11.0¢ | 1505283 | ||
Last updated 15.59pm 14/06/2024 ? |
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STK (ASX) Chart |