Daily Ichimoku chart with Hawkeye volume. As per the below chart...

Daily Ichimoku chart with Hawkeye volume.

As per the below chart the price needs to respect the bottom of the cloud and the 38.5cent level which is were the Kijun-sen line sat at when the price last tested the 40cent level on the 5th and 6th of July 2018.

As far as the daily IC chart goes nothing much changed today with the Kijun-sen line staying at 43.5cents and the Tenkan-sen line at 49cents. It is no harder for a long entry to form on this daily chart today than it would have been yesterday.

The Hawkeye volume indicates relatively low volume churn today (on a rough day for many speculative stocks). As mentioned before I think the low volumes signifies that most profit taking from lower levels is done and dusted. Today didn't flush out any major panicked sellers looking to lock in profits, so that's a good sign in my opinion.

For those with a strategy of accumulating at various levels the 38.5cent level is a pivotal level on the chart IMO which needs to be respected. As mentioned in my previous post it represents both an opportunity and a danger. I can't see anything in the price action today that signals a bias towards danger. IMO the benign churn indicated by the Hawkeye volume tells me investors are in the main holding firm.

Need to see some buy side build to pull the price away from the danger zone and that will also depend on what overall markets do in the coming weeks. If we see more risk-off behaviour in the markets the price could drift lower on low volume offering even better buying opportunities IMO.  What we don't want to see is high volume predominant selling, as that is harder to recover from. Esh