Chart looks pretty constructive to me, on the longer-term timeframe, being the weekly. Large consolidation above prior resistance in the 18c - 16c range. More important than the shape of the consolidation pattern is the prior trend, which is clearly up.
On the daily, key resistance level is 25c. Need to see a clear break to suggest the current range is over. For now, sellers still coming in and dominating every time price is at this level. Just need more time to soak up that selling, i.e. more sideways trading for now.
I woud not want to see a drop below the support on the daily, between 20c and 18c. If that was to occur, you would have a lot of overhang.
DEALROOM
New Feature Announcement!
We’re excited to introduce the DealRoom portal, now live on site, providing users with exciting access to private equity opportunities for both pre-IPO and publicly listed companies.
See full details by selecting the new menu item named 'DealRoom' on our main menu bar or click below.
Stay ahead of the market, with HotCopper.