AVH 2.00% $2.94 avita medical inc.

A lot of great fundamental positives in your thread, but from a...

  1. 306 Posts.
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    A lot of great fundamental positives in your thread, but from a charting perspective AVH made a new low last week and as such it's price has a higher probability of falling further than rising. It has fallen to a very strong support level from last year and if it falls through that then for me AVH's price is likely to remain toast for a while. I've been holding during the fall - from a short term trade that didn't pan out. Not holding many, so not the end of the world but a bit disappointing after I'd hoped for good things. Anyway, another day today and perhaps it will go up - but technically AVH is now a sell for me.
    On a quick technical note I think I had my Elliott Wave analysis wrong initially and the entire price action on the chart below is a Wave 1 & 2 (I was seeing it as an entire cycle rather than just part of a cycle). Assuming it is a Wave 1 & 2 then it's action is text book perfect - ie rise into W1 and then lose 75% of those gains in the fall into W2. Another targeting technique I use suggests a bottom of $6 (which is just above that 75% retracement - but close enough for the exercise. Assuming price rises from the current levels it should rise strongly into Wave 3 which is the strongest and longest rising wave of a price cycle. Not really a double bottom in my book by the way.
    Good luck
    https://hotcopper.com.au/data/attachments/2312/2312648-6d5482ce5d4eb7f502216b19313af351.jpg


 
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Last
$2.94
Change
-0.060(2.00%)
Mkt cap ! $200.2M
Open High Low Value Volume
$2.95 $2.96 $2.92 $473.1K 160.5K

Buyers (Bids)

No. Vol. Price($)
1 5997 $2.94
 

Sellers (Offers)

Price($) Vol. No.
$2.97 16400 3
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Last trade - 16.10pm 19/07/2024 (20 minute delay) ?
AVH (ASX) Chart
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