Trading range continues to tighten whilst rising / diagonal support continues to rise. Textbook setup completed with decreasing volume. Now we just wait for the confirmation if it breaks out of the triangle; hopefully to the upside.
Mini breakout of short term resistance at 44. There was good support at 42 for the last few weeks and increased volume on the last two days has resulted in a mini breakout.
The next breakout is at the new resistance at 46 which also coincides with the downtrend line. A close above 46.5 will confirm the breakout.
Trading range compressed after the initial breakout move in 2020 and we have now had a breakout of the pennant zone.
Length of the flag pole to the top of the pennant is 0.05; giving a significant price target of 0.1.
Lots of news catalysts that support this breakout.
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...
Textbook breakout then retrace to the previous resistance (new support). We now see the next level of resistance at 56-57 has been broken. Looking for a break of 60 as the seller depth has thinned significantly.
I am expecting the support to be breached (78.6% fib line), providing a short target of around 9800, which is the previous horizontal support line and the 61.8% fib line.
Will commence the short once we close below the 78.6% line.
Today marks the 4th day the SP has hit 72 and not been able to break though the resistance. THere looks to be a possible bullish fpennant on the daily though and the trading range is narrowing, so I suspect a breakout is not far away.
Massive retrace from the high but there is a clear consolidation phase taking place here in the 70s. The range is relatively tight so once the mid 80s is hit and the resistance becomes the support it may present an opportunity.
Fakeout today on news, ultimately needs more time to consolidate. There is so much overhang considering the retrace from the highs but looking at the weekly the WMAs are starting to turnaround, which suggests that a period of consolidation may occur until there is meaningful news. Keeping an eye on it; I am not keen until that overhead resistance in the high 50s,...