Chart thoughts5 Sep 2023 07:35
The charts are looking great and setup for a continuation over the coming days.
The daily is obviously through all the moving averages and with a confirmed golden cross. I would now like to see a mid price close above 4.10p today, which I think will happen. I note the small after hours auction transaction at 4.18p but I suspect today's first buy will be at circa 4.07p, if also small in size. Otherwise it will be NT from the off.
It is, however, the weekly chart I am more interested in. A mid price close above 4.11p will see us above EMA200, with the focus then on MA200 at 4.92p. As the rsi is still only 71, there is ample room for that to occur this week. As always though, we will be news driven in relation to the bigger moves.
The first hour today will be very interesting. Price was held back by the MM's yesterday, as it was pretty much NT all afternoon. That cannot happen for too much longer, as there is no real appetite for investors to give up their positions. Time will tell of course. However, pi's should be accumulating now before the next news event. This is just the beginning of the accumulation phase, in my opinion. Good luck all.