Prices are stuck beneath the still-declining 50-day moving average at $2.34. Moving averages are falling, ADX is rising and the DIs remain negatively placed. All these indicators are suggesting that the corrective phase is not over. On the other hand, quarterly momentum appears to have bottomed, and 21-day RSI is indicating a minor positive divergence.
A move above $2.34 is needed to confirm the firmer phase. On the other hand, the lack of downward momentum should prevent prices from falling too far below $2.30, ahead of the deeply discounted rights issue. At current levels, the theoretical ex-rights price would be below $2.
No comments:
Post a Comment