Looking at this low-risk setup on ASX:ADN Breaking of key resistance and bull hammer off support, fractal targets aligning with TB Fib Extension targets at potential levels of resistance on the way up. MACD & VSLRT looking Bullish. Risk Management and Position Sizing are key as this could always FAIL Support and return back down to @.26 Support "DISCLAIMER: NO...
Cup and handle - if you like this shape idea, played out well. Now sitting on support and short term uptrend line and at the base of a 'Bullish flag'. With all the fundamentals backing this spec ASX stock I cant really see it not following my basic analysis. Sometimes other indicators are just not needed - we shall see!
Looking like a complex correction, heading down.
$ADN nice SP and Vol push today ... trending up with bounce off important FIB level.. run back up to 0.185 will see blue skies beyond ... ALL TIME HIGH COMING
Understandably, a number of shareholders that have converted options (or intending to convert) seem to be liquiding positions which has pushed the SP back down from the previous high. Support at 13 seems relatively strong but it is also creating a support zone of a descending triangle. If this is breached (close below 13), then the unlikely retrace zone at the...
should retrace back to support level of 0.095c before next leg up over 13c.
Looks primed to break out as ascending triangle is coming to completion. MACD, Stoch RSI, RSI, all look ready to break upwards. need volume to continue increasing. First resistance level should be fib extension 0.618 (0.051), wait to see if we break this level to confirm new leg up.
Descending triangle coming to an end, Stoch RSI about to cross to upside, RSI starting to increase. Hopefully volume increases and we get a break to upside.
I have just published this idea on twitter too - After a retracement down to the 78.6% fib, it has started moving. Change to a Weekly Chart & see the bullishness whilst daily shows the breakout. In this market I would be comfortable if the breakout level is retested & then we have a continuation of the move up.
After a massive jump in SP of 76%, a pullback was always going to happen with short term traders taking profits. This appears to be bottoming out with supply drying up and Bulls taking control.
Andromeda Metals Limited, formerly Adelaide Resources Limited, is an exploration company. The Company is engaged in the exploration for gold, copper and other economic mineral deposits. It has interests in over 20 exploration licenses, covering over 7,970 square kilometers (sq. kms) within South Australia, Queensland, Western Australia and the Northern Territory....