The recent sharp fall from $2.24 to $2.00 produced a useful and very good shape. Bounces following these shapes usually give way to rises that go on up. At some stage in the next few days or inside 2 weeks, there should be a pull back to at least $2.09. And if you take into consideration Fib 0.618, it could be $2.06. The reason for $2.09 is that the price needs to go back and bridge 27 and 28 June where the high and low was $2.09. Often happens.
Looking at the hourly chart, that shape I am talking about is shown more clearly and often we get it continuing up as shown by the smooth line I have drawn. There is another force at work that should bring the price to at least $2.19 (top of the plunge day back on 14 June). And then of course, the theory plays out and the bullish behaviour gets that gap filled on the hourly up to $2.23 as well.
About the falling wedge, I would include the recent $2.24 high on the upper trend line. Yes, there is a bit of a falling wedge to it and yes a falling wedge is bullish, but I wouldn't focus on this falling wedge too much. I would focus more on a double bottom and whether AMP holds $2.00. That is the key.
It was only natural for AMP to bounce from $2.00 (nice whole number that it has never been to before). It defended it and held is well for over an hour on that day, I remember watching it. It just didn't cave into $1.99. It was the day to put the house on it at $2.01.
Like I said, the CEO seems super and seasonally, we are there and the price is way way smashed. The 12 month target on this dog should be good.
I picked up Qty 100,000 of the suckers at the recent low, but trimmed it back to 50,000 today. I will watch it and see what it does.
Good luck to all holders.
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Last
$1.30 |
Change
0.020(1.56%) |
Mkt cap ! $3.375B |
Open | High | Low | Value | Volume |
$1.28 | $1.31 | $1.27 | $8.432M | 6.508M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 110185 | $1.30 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.30 | 100724 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
7 | 110185 | 1.295 |
5 | 224664 | 1.290 |
2 | 58004 | 1.285 |
4 | 42371 | 1.280 |
1 | 29803 | 1.275 |
Price($) | Vol. | No. |
---|---|---|
1.300 | 90724 | 6 |
1.305 | 12516 | 6 |
1.310 | 431496 | 25 |
1.315 | 242304 | 12 |
1.320 | 455596 | 21 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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AMP (ASX) Chart |