ASX Resource Stock - Salt Lake Potash Limited / Stock has mass
Updated
This stock was once a "Fallen Angel " and as you will see it has been resurrected. The stock has demonstrated the ability to break above long term Resistance as it has recently done so and traders took profits allowing it to fall back to the "Safe Spot" circa 30 cents only to be repurchased once again.
For those understanding Wave Analysis, it can be argued a " running flat" has formed on the Weekly, completing wave 2 of a larger degree. Should price return quickly above the resistance band the likelihood of the Flat is strengthened as is an impulsive W3.
The Daily Chart looks promising as well and a pullback to 45cent would be ideal however right now the market is trying to interact with 50 cents. A typical abc correction is well worth watching for forgiven the potential this stock has to make seriously fast and strong moves.
Let's see the behaviour over the coming week ......it should be interesting 🇦🇺 💁🏼♂️
For those understanding Wave Analysis, it can be argued a " running flat" has formed on the Weekly, completing wave 2 of a larger degree. Should price return quickly above the resistance band the likelihood of the Flat is strengthened as is an impulsive W3.
The Daily Chart looks promising as well and a pullback to 45cent would be ideal however right now the market is trying to interact with 50 cents. A typical abc correction is well worth watching for forgiven the potential this stock has to make seriously fast and strong moves.
Let's see the behaviour over the coming week ......it should be interesting 🇦🇺 💁🏼♂️
Note
Ideal Pullback for entry ?
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