TA by Kenneth Robson

Checkout http://technicality.me/2014/08/24/akk-current-ta-assessment-of-austin-exploration/

Extract from the website:
Observations

• In the past week the trading range has been between 1.7 cents and 2.4 cents or 41% from a striking impulsive move higher.
• The high at 2.4 cents precisely touches the 50% Fibonacci level.
• The short-term averages have completed their cross-overs and are steeply headed upwards.
• The medium-term averages have converged, are  crossing over, and heading upwards.
• This chart suggests support at 1.8 cents, and resistance at 3.1 cents.
• The RSI is in the overbought zone.

Conclusions

1. The momentum of the past week suggests that there may well be further share-price gains in the coming week despite the high RSI and the easing of the share-price to 2.3 cents at the close for the week.
2. The diverging moving average plots also suggests ongoing upwards momentum, for both traders and investors.
3. Despite this, the direction of movement this week can not be foretold. It is suggested that it should be monitored as the week unfolds.
4. The gap in Chart II at between 1.9 and 2.0 cents may well acts as a support level.
5. With further price appreciation above 2.4 cents, the targets to be looked for are at 2.7 cents (61.8% Fibonacci level) and 3.1 cents (the next resistance level).

Possible strategies
For traders with open positions:

• consider closing position if the 2.0 cent support gap is breached
• Stop/loss position set just below the 1.8 cent support line.

For traders wishing to open a long opposition:

• Either look for rebound from 1.8 cents support or breakout above 2.4 cents to enter.
• Set target at 3.1 cents.
• Stop/loss positions at either 1.7 cents or at 1.95 cents depending on level of entry.

For investors wishing to go long:

• Wait for confirmation of upwards trending
  • Enter with continuing divergence of medium-term averages, and penetration of the next resistance level at 2.8 cents (the 61.8% Fibonacci level)
• Stop loss level at 2.35 cents.
• Target price at 100% Fibonacci retracement level at 3.9 cents

GLTA. DYOR.