Trading perspective 12p next23 Jan 2026 12:51
Ajax Resources is currently in a healthy retracement following a strong impulsive breakout……The move from the 4.5–5.0p base into the 10.0–11.5p high was sharp, decisive, and supported by rising volume, confirming genuine momentum rather than illiquid noise……Since printing the year high at 11.5p, price has not collapsed back into the prior range, which is a key sign of strength……Instead, the chart shows a controlled pullback into the 8.8–9.0p zone, which aligns precisely with prior resistance turned support……Volume has tapered during this pullback, indicating profit-taking rather than distribution…This is textbook bullish behaviour following a momentum expansion……On the shorter-term charts, price is compressing between ~9.0p support and ~9.8–10.0p near-term resistance, forming a tightening range…Each dip is being bought slightly earlier, suggesting sell-side pressure is being absorbed……
As long as price holds above the 8.8–9.0p region, the broader bullish structure remains intact……A sustained move back through 10.0p would likely act as the trigger for momentum traders to re-engage……
Above that, the key level is the prior high zone at 11.5–12.0p, where the next major test sits……An attack and break of 12p would confirm continuation of the trend and open the door to higher levels, with little visible resistance on the current charts……Only a decisive breakdown below ~8.2p would invalidate this setup and imply deeper consolidation……Until then, this remains a classic retrace-and-structure rather than a top……This is consolidation above former resistance, not weakness……The chart is resetting for the next leg……IMO
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