(ASX:ASN) Anson Resources - Falling Wedge Breakout Inc
Updated
Could retest 30c to form Inverse H&S before breakout of falling wedge structure.
Could continue its run through the final resistance of falling wedge (Red Line) and commence bull run.
Moral of the story: Watch the breakout of the red line.
Could continue its run through the final resistance of falling wedge (Red Line) and commence bull run.
Moral of the story: Watch the breakout of the red line.
Note
*Could retest 0.03c to form inverse H&S*Note
Price dropped through the daily 50/100MA and found support at 0.03c confirming the inverse H&S. Price then jumped back above the 50MA, 100MA and 20MA which is a short term bullish indication.The daily 50MA is priming up to cross with the 100MA.
Daily EMA Ribbon has swung bullish
Currently being supported by Weekly EMA ribbon - If price continues to be supported by this ribbon it would be another bullish indication.
Further tests of the 0.030c right shoulder could occur but 0.035c could very well hold.
A retest with solid signs of support @ 0.030c within this short term "cup handle" or "Downward Channel" pattern would also be bullish and be a nice setup for a breakout to the upside to work towards claiming the daily 200ma.
Very interesting chart to keep an eye out if you enjoy technical analysis :)
Note
12:24 pmThursday, 20 February 2020 (NZDT)
Price has dropped below daily 50/100MA
Daily EMA Ribbon did not bounce bullish and looks to have a bearish cross
Weekly close below EMA Ribbon
Watching for weekly/monthly close above 0.030 to maintain any bullish outlook.
Note
Markets are spilling blood in fear of a Coronavirus Pandemic.
0.03c would have held otherwise, in my opinion.
As news continues to contain FUD about COVID-19 I would assume further downside is likely and these formations to break although the price action between now and the monthly/weekly close will decide whether there is a viable trade here.
A lot of talk about swans lately.
What color will it be?
:)
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