ASX: AR9If this hits or drops below 0.095. I think it's heading for around 6c. hopefully Ill be able to top up.
AR9
$AR9 $AR9.axAr9 early entry signal alert.
Cyber security stock starting to move out
positive divergence signal buy signal also.
AR9 - Bullish Trade PlanAR9 is looking strong after coming out of the downtrend line and forming a potential double bottom. Currently it is consolidating within a Bullish Pennant which is clearly a Bullish Pattern. AR9 looks strong and I am expecting a break of this bull pennant with a target of $0.470 (potential 33% gain).
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
AR9 - Consolidating with solid supportQuick look at the ASX:AR9 chart.
Lookback
After a cup-and-handle and subsequent break-out in July, ASX:AR9 hit a high in mid-August. It has since entered a four-month downtrend (Trend 1) and is currently in a period of consolidation.
Strong support was immediately found at the 0.618 fib level ($0.36) and this has held despite being tested multiple times.
While in a moderate uptrend (Trend 2), ASX:AR9 failed to break the 0.236 ($0.51) and 0.382 ($0.455) fib levels. This was accompanied by a drop-off in volume and a prolonged reduction in MACD.
Current situation
Current resistance (Resistance 1) is at the 0.5 fib level ($0.41) and this has been tested multiple times in the past three months.
Of slight concern is the flip of EMA 20/50 from support to resistance, and up until today this looked to have returned to a support level.
Volatility is shown to be high as per the BBQ-Squeeze. This may indicate a break-out is about to occur. The MACD has also shifted back to an uptrend and is heading into positive territory.
Performance against Resistance 1 and Trend 1 will be key to ASX:AR9 s performance for the rest of the year. A movement above EMA 20/50 would be a positive sign, combined with the volatility and MACD indicators.
