ALK trend continuationHey team,
looking at a complete wxyxz pattern. with the start of the upside beginning now, picture perfect for break of previous high
ALKEF trade ideas
ALK potentially setting up to repeat previous price actionALK on the ASX could push higher into resistance and repeat a previous setup.
Could resolve down but the Weekly chart is holding up nicely.
Bottoms In?Looks like this has bottomed - We have yet again the reliable ML touch then space created on a lower low (indicating price is reversing) - I expect this to do quite well mid-long term.
ALK.ASX_Breakout Trade_LongENTRY: 1.130
SL: 1.025
TP: 1.255
- ADX>20
- Daily RS +ve
- Daily FFI +ve
- Weekly RS +ve
- Weekly FFI +ve
- Moving averages are aligned
- First breakout with high volume on 28 Feb 2022 from down-trendline
- Second breakout today with high volume
- Once clear another down-trendline, it should progress its uptrend
$ALK.asx - Price is testing flip zone, looks good for a breakout$ALK.asx - Price is testing flip zone after making rounded bottom, looks good for a breakout IMO
Took a position, Let's see... GL!
Please ALWAYS DYOR First!
$ALK - Daily, 38.2% Fibs tested and Held, Worth Keeping a watch $ALK - Daily, Price is at confluence levels, after 38.2% Fibs level was tested twice and Held, Bullish Hammer candle forrmed at around pivot level
Indis are turning up...Worth Keeping a watch IMO
Please DYOR first...
$ALK - ALKANE RESOURCES - Broken through resistance on newsALKANE RESOURCES - Broken through resistance on news
On Friday it had a good run and closed up near its daily high after breaking through a previous resistance area. Has some good market depth in the order queue and looks like some additional volume (ie interest) coming through as well. Gold stocks could also become more interesting depending on how the economy keeps going. Looks like it could be worth a watch.
Company Announcement 29th March 2019
Significant Gold Intercepts Confirm Potential for Tomingley Extension - 50,000 metres of Drilling Initiated
Broad, shallow high grade gold intercepts 3 to 4 kilometres south of Tomingley Gold Operations demonstrate potential for material project life extension and flag potential return to open pit mining.
RC and diamond core drilling results received for the San Antonio prospect demonstrated significant high grade gold zones.
Results compare favourably with those that became part of the Tomingley Gold Operations open pits.
RC drilling has confirmed significant gold mineralisation at San Antonio over a strike length of 800 metres and Roswell of 350 metres. The prospects are open along strike and down dip and an additional 3,000 metres of drilling is in progress to test the 300 metre untested strike between them.
Resource definition drilling at the San Antonio and Roswell prospects will commence as soon as practical and is expected to comprise of ~50,000 metres of predominantly RC drilling.
About Alkane Resources
Alkane Resources Limited is involved in mineral exploration and evaluation, development and extraction. The Company focuses on its projects at Tomingley and Dubbo in New South Wales (NSW). It operates through two segments: gold operations and rare metals. Its Dubbo Zirconia Project is based on a resource of zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements, located at Toongi, approximately 30 kilometers south of the regional center of Duddo. Its Tomingley Gold Operations are located over 50 kilometers south-west of Dubbo in the Central West of NSW. Its Northern Molong Belt Porphyry Project consists of three exploration licenses, such as EL4022-Bodangora, EL6209-Kaiser and EL8261-Finns Crossing. Its Finns Crossing is located immediately to the north-west of the Bodangora exploration license. Its Kaiser covers approximately 127 hectors and is enclosed by the Bodangora license. Its Orange East Project is located approximately 15 kilometers east-south-east of Orange.
My Indicator Entry Rules (needs to meet all):
- Price > EMA(9) (Trending up short term)
- EMA(9) > EMA(21) (Trending up short to medium term)
- Volume > Volume(30) (Others have become more interested in the stock)
- RSI(14) > 50 but < 80 (Has momentum but not overbought yet)
- OBV > EMA (30, OBV) (Volume is accelerating)
- ADX(14) > 25 (Strong momentum in the trend direction)
My Just Before I Buy Rules:
- Check all or most indicators are pointing up to confirm their direction
- Wait for price to move up > 2% (Headed in the right direction today)
- I'll check market depth to ensure lots of buyers and sellers at close price points to ensure demand and liquidity (ie I can get out quickly if I need to)
- I'll check for any company announcements to see whats driving the volume
My Indicator Warnings:
- RSI(14) < 40 (Interest falling)
- RSI(14) > 80 (Very overbought territory - may reverse)
- OBV < EMA (30, OBV) (Volume falling away, people losing interest at this price)
My Sell Rules:
- Trailing Stop at 1.5 to 2 x ATR (Depends how aggressive I want to be - means trend has ended for now)
OR if
- EMA(9) < EMA (21) (Trend has failed for now)
Retracement over ?After moving down to the 61.8% fib level, the price consolidated and is now breaking out of the trendline. Presents a good trading opportunity if volume persists.
Possible wave 3 completeWhat a great trade this was well done if you caught the move when i posted...as we see now it's probably the end of the wave 3 and we go down to form wave 4 before taking off again...let's see if this can play out for a possible re entry.
Alkane Resources Ltd a source of Rare Earth exposureIndicators have reset and have a bullish setup after a retrace from some profit taking.
P/E ratio 15
Company profile
Alkane Resources Ltd. is a multi-commodity mining and exploration company. It focuses on gold, copper, zirconium, niobium and rare earths. The company produces and develops zirconium-hafnium, niobium-tantalum, yttrium-rare earths, gold, silver and copper deposits. Its projects include Dubbo Zirconia and Tomingley Gold. Alkane Resources was founded on May 13, 1969 and is headquartered in Burswood, Australia.
Long term move upVery good signs here looking to test our old high on the green resistance and stay above our curve.
