Prices have been entrenched within a very narrow range for more than six months. This is likely to be part of a base formation. Prices are now testing the top of the base, which coincides with the confluence of the 50- and 100-day moving averages at 15.2 cents. Volume has picked up on white-candle days. But this is not sufficient to trigger a breakout.
Both 21-day RSI and five-day stochastics are turning up, lending some short-term strength to the counter. Quarterly momentum is challenging resistance at the several-times-tested equilibrium line. A breakout by momentum would trigger a price break. In this event, resistance appears at 22 cents initially. Support has been established at 15 cents.
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