ALD (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 acceptable. Wave iii (circled, green) seems to have concluded at the high...
There'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.
On 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 wave 5.
If you like my analysis then do drop a LIKE and a...
I 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 color, cold be a possibility of a shift in Bearish Momentum.
I am...
