SRS Charts... On Daily ...Maybe we have completed another phase in the SP recovery for the moment. Based on the intial thrust out of the multi 3c lows(mid last year)...i.e. 3c to 3.9c ... its probable max uptrust for this move was reached this week ... @ 6.8c. This level was also the MM for the (yellow) pennant pattern formed in the last 1/4 of last year. Because of that large(FA Gap) on Jan 18th ... 5.4c to 6.4c ... a 'normal' (Fib)phase 2 reaction/correction may be muted. 'Normally', I would expect a re-test of at least the 161.8% Fib level shown(~ 5.3c) from present levels but that may not happen BUT I do think a test of the Oct.highs(6.1c) will at least be seen before a probable resumption to higher prices(based on Weekly chart follow).
Looking at Weekly Chart ... A breakout above the 61.8% Fib extn of the initial range out of the 1.4cL in mid Jan and above the 2018H suggests upside potential is unfinished... In deed we are about only at a 1/2 way level of its potential. Sure, a backtest of those levels is expected in the S/T(as I mentioned above) but Bulls really should expect to see the 161.8% level as the next upside target or at a min. the 2014H level tested soon ... .i.e. if I am wrong about a S/T projected correction and we see value above the recent 6.8c H. 1st.
Hence my 'declared' sentiment of HOLD/BUY ... but S/T sentiment of Sell looking to buy back or in.
SRS Price at posting:
6.7¢ Sentiment: Hold Disclosure: Not Held
