Feb 12: 11.00 AEDT
This stock starts throwing up long pins in consolidation mode.
In trend, it tends to have longer bars w/ short pins.
My previous discussion (12 Jan) suggested a rally out of
(expected) support at $5.29. This failed, and it pulled back
to secondary support around $5.15 and $5.10
It is well supported on weekly as shown and has
a higher high/ lower low since Dec.
This is classic Dow Theory, but volume is modest.
I expect this stock to start pushing up now.
A close above $5.23 for two days will confirm an upside
breakout and I am not expecting a close below $5.13
ABC reports late Feb so price action will be focused on forecast vs reported.
I can't show it on this chart, but BB's are squeezing since Feb 9.
I intend to nibble now on lower timeframe weakness and add on breakout
with an initial tgt at $5.45+ and SL $5.14
At current price $5.19 that's a RR of approx. 5:1 before costs.
There is short interest of 5m with avg Daily Volume of 2m.
This is an opinion not a guarantee and
... just my 2c worth ...
This stock starts throwing up long pins in consolidation mode.
In trend, it tends to have longer bars w/ short pins.
My previous discussion (12 Jan) suggested a rally out of
(expected) support at $5.29. This failed, and it pulled back
to secondary support around $5.15 and $5.10
It is well supported on weekly as shown and has
a higher high/ lower low since Dec.
This is classic Dow Theory, but volume is modest.
I expect this stock to start pushing up now.
A close above $5.23 for two days will confirm an upside
breakout and I am not expecting a close below $5.13
ABC reports late Feb so price action will be focused on forecast vs reported.
I can't show it on this chart, but BB's are squeezing since Feb 9.
I intend to nibble now on lower timeframe weakness and add on breakout
with an initial tgt at $5.45+ and SL $5.14
At current price $5.19 that's a RR of approx. 5:1 before costs.
There is short interest of 5m with avg Daily Volume of 2m.
This is an opinion not a guarantee and
... just my 2c worth ...