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
- STK - ASX Charts - Is there more steam left ?
STK - ASX Charts - Is there more steam left ?
- 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
10.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $169.7M |
Open | High | Low | Value | Volume |
10.0¢ | 10.5¢ | 10.0¢ | $353.6K | 3.490M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
15 | 3123520 | 10.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
10.5¢ | 797924 | 8 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
15 | 3123520 | 0.100 |
3 | 1065000 | 0.099 |
2 | 10605 | 0.098 |
1 | 50000 | 0.097 |
1 | 30000 | 0.096 |
Price($) | Vol. | No. |
---|---|---|
0.105 | 797924 | 8 |
0.110 | 226919 | 6 |
0.115 | 298000 | 4 |
0.120 | 382496 | 5 |
0.125 | 298750 | 8 |
Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
|
|||||
Last
10.0¢ |
  |
Change
0.000 ( 2.44 %) |
|||
Open | High | Low | Volume | ||
10.0¢ | 10.3¢ | 10.0¢ | 379954 | ||
Last updated 15.49pm 10/05/2024 ? |
Featured News
STK (ASX) Chart |