I thought it was about time to resurrect some charts, now that things are starting to look more positive - I just hope I don't jinx the SP.
I've included 3 charts - a macro and a zoom chart from Investing.com + a standard Marketwatch chart with Bollinger Bands, MACD,RSI and Slow Stochastics.
From the zoom chart you can see 2 to 3 short term targets:
1. Break out and close above the current channel i.e. a close and hold at 16c. Last week there was a test of the channel top with an opening price of 16c but couldn't hold and closed down at 14.5c
2. Break out and close above the top down sloping trend line ~ 18.5c
3. This break should coincide with a break above the horizontal resistance/support line at 18.5c. This looks like a key intermediate term level - I strong break above would be very positive, but in the absence of momentum/volume it may take a several attempts.
It also appears that there's support at 13.5c for a short term retrace/retest.
The Marketwatch chart below shows a buy signal in mid-April with the 50DMA crossing above the 100DMA.
Last week the SP broke through the top Bollinger Band and has since been consolidating ~ 14.5>15c - a very typical pattern.
Having now moved back within the BB's there may be an interim retest of the 13.5c support level (reload!?), which would be a positive, before building on the recent buy signal/momentum to attempt another leg up to retest the 16c level touched on last Wednesday, 26 April. As mentioned previously a close/hold at or above 16c would be very positive and confirm an intermediate term break out before attempting 18.5c.
Not out of the woods by any means but looking more positive.
