Since 3rd May the volume has ramped up suggestive of renewed...

Since 3rd May the volume has ramped up suggestive of renewed buying interest, possibly institutional involvement. This is a Heiken Ashi candlestick chart which tends to filter out some of the noise and longer upper shadows on the green candlesticks tend to reflect evolving bullishness and vice-versa for bearish activity whilst Doji like candlesticks with both upper and lower tails reflect indecision and often can be the precursor to a trend reversal.

This chart incldes both the MACD and MACD histogram separtely for better clarity. The histogram has been rising for about a month which reflects the downtrend has been losing momentum. The MACD  crossed the signal line about a week or so back and a  point to note from this is the MACD is sitting way below the zero line which reflects how heavily  oversold AJX is technically. The SP is close to breaking the 20 day MA for a start and the reversal gains momentum.

It is too early to say if the bullish reversal has legs and the tests will come around the 20 and 30 cent  levels IMO where supply might yet be lurking. Still it is good to see that a base seems to be forming over the past month or so and now signs that buyers are stepping up on increasing volume. I watch with interest.

Daily