TA CHART, page-367

Hey TN,

I'll try. Charts aren't so easy to see on HC. Well, might aren't anyway!

Here's the weekly again.

At Point 1 in July last year, 29.5 cents was resistance for six weeks. The SP couldn't break through to the upside.

At Point 2 it broke through convincingly. For five weeks it retraced and tested 29.5. What was previously resistance in July had become support.
It broke that support 25 Sept, the first red candle with a long tail that touched the lower white horizontal line at 25 cents. If you look back to Point 1 you will see that 25 cents was also support.

At Point 3 the SP tried for another five weeks to break through resistance at 29.5.

At Point 4 it broke through resistance. Once again 29.5 became support. The SP came close and bounced off it twice before launching into all time high of 50 cents.

So 29.5 has been a significant support/resistance line for nine months.

Now the SP is retracing to come back and test the support at around 29.5 - 30 cents. With the price now at 30.5 - 31, it's going to be interesting to see what happens next.

If that fails, the next SR line is the middle white horizontal at 27 cents.
If that fails, we're back to testing 25 cents, the lower white line.

Personally, can't see that happening, but you never know.

Other factors are at play but for now that'll do.

If you're just starting out check out Incredible Charts, which these are. They are free and Australian. They're a good place to start and learn on your TA journey. I'm far from proficient in TA, but find having a good basic chart helps understand price movements, volume and momentum.

Hope this helps.