TAW - Holding Support 5/5Support 40c, Resistance 47c, 50-52c
Was able to hold support at @ .40c mark. Small downtrend as of the last few weeks, looks like a reversal is coming, perhaps a period of accumulation around the 40c (support) - 47c (resistance) mark.
Gaped up to 43c due to lithium shipment ann.
Ann on time, everything proceeding as expected, thus no huge increases as of yet.
Market would be looking for FA that signifies higher grades of lithium thus payed better money for shipment. Expected to receive $880/t, anything higher would be a great sign. Also any higher production figures for the coming months will also be a catalyst.
Conclusion:
Optimistic: Accumulation for a period roughly 3 weeks? Within that time FA should provide lithium delivery, grade & payments, Mays shipment in tonnes. Hopefully this is a catalyst to reak the 47c resistance and build a new support line.
Pessimistic: Accumulation and support keeps getting tested. If broken possibly move down to 36.5c (small gap down * previous small support), then down to 33c.
Strategy: Looking for a higher support level. Long term hold
Australia
ASX bounced nicely off its support, potential to rise!ASX bounced nicely off its support at 5906 (61.8% Fibonacci extension x2, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its 1st resistance at 5988 (61.8% Fibonacci extension, 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). If it breaks past this point it could potentially rise to its 2nd resistance at 6036 (100% Fibonacci extension, 78.4% Fibonacci retracement, horizontal swing high resistance). We have also identified a 2nd support at 5868 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (34, 5, 3) shows it approaching its support where a corresponding bounce might occur. We have also identified a bullish divergence with price.
ASX approaching its support, potential for a bounce!ASX approaching major support at 5905.6 (62.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, causing price to rise to its 1st resistance at 6304.6 (76.4% Fibonacci retracement , horizontal swing high resistance). If it breaks past this level it could rise to its 2nd resistance at 6081.7 (horizontal swing high resistance) or to 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). We have also identified a 2nd support area at 5868.6 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal swing low support.
Stochastic (89, 5, 3) shows it approaching its support at 3.45% where a corresponding reaction could occur.
SHORT AUDCAD PLAYSTOP LOSS : 1.02547
TAKE PROFIT : 0.96055
Risk-reward : 2x
Longer term trend: Sideways
Current trend: Bullish
General comments:
Price spent most of its time in between the 1.012 and 0.9605 since 2016. Last week's candle pierced through the resistance and closed within the range. The wick is 2.77x of the main body with none at the bottom of the bearish pin - this translates into an excellent bearish pin, with a recommended entry point of just below the pin.
What I like:
1) Excellent candlestick formation, a textbook example.
2) Price can move lower and retest the resistance on the daily chart, creating another opportunity to seize the potential bearish move.
What I dislike:
1) Since this idea is based on the weekly chart, the stop loss is relatively far. This means volume of trade, permissible within risk limits, is low.
Other things to note:
I expect the trade to take around 100-200 days to hit the price target of ~0.96055.
* Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
ASX approaching support, potential for a bounce!ASX is approaching its support area at 5905.6 (61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, pushing price up to its 1st resistance at 6034.6 (76.4% Fibonacci retracement , horizontal swing high resistance), or possibly to its 2nd resistance at 6081.7 (horizontal swing high resistance). We have also identified a 3rd major resistance at 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). It is also worth noting that a strong ascending support, which price is currently testing, has also been identified.
Stochastic (34, 5, 3) shows it approaching its support at 5.03% where a corresponding bounce could occur.
Bullish Gartley Pattern4 hours time-frame
Dollar is rebound
good oportunity to long,becasue USD is Strenghten
