ALD: March 5, 2024ALD (Ampol Limited) || March 5, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) In the broader context, we observe that the major trend is bullish, despite the current price increase appearing somewhat lacking in strength and sharpness. Nevertheless, this is generally acceptab
Comparison of ASX energy stocksThere's more devil in the detail.
- not all of these produce oil/gas, some are more retail/distribution orientated.
- some are in different stages of developing resources.
- some have responded faster to recent oil/gas price spikes.
AMPOL to DIP to 26.06 in coming daysOn a 2 hour chart, AMPOL is moving in 5 wave pattern, with Wave 3 completed as displayed on the chart.
From here it should drop to 26.06 where it will meet daily support, before bouncing up to 31-32 zone.
Expect a major drop once it reaches point 5. I will create new analysis once it is close to
ALD BreakPosting for interest to see where this ends up next week. Oil rising for the moment and Q1 results released. 1d confirmation April 16th
ALD - A Buying opportunityI am bullish on ALD , the chart looks positive as it has made Higher High and even a golden cross.
There is good support between $27.50 - $28.50 range, as its also a High Volume Profile Zone and we can see Bullish Price Action after some consolidation with High Volume.
MACD Histogram is changing c
ALD long after breaking out of baseEntry: 31.14
Stop loss: 29.56
Broke out of rounding base pattern today with volume and SMAs aligned.
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