Although I tend to favour fundamentals for stocks like this, since this share has been bleeding for the last 6 months, I've been messing with some TA, in an attempt to see where it might bottom and start to move upwards again.
The down trend is coming to a head with the wedge also now meeting historic levels of support and seeing in an increase in resistance in the form of buying volume.
It has been rejected around the 25 Day EMA consistently since July and broke down through the support at 4.9p and at 4p. The next level of support would be where it dipped to back in 2016 at 2.61p.
I am watching for the increase in volume to continue, the RSI to show some bullish divergence and if the price can get above the 25 EMA that would be a bullish sign.
I'm not convinced we'll necessarily see 2.6p again, but I think a very real possibility of drifting to 3p and a then fresh start as we start 2019. We may even see a wick down to 3p and an influx of buying.
I'm adding at these levels and have an order to open a spread at 3p should we get that last thrust down.
At the end of the day we just need some good news and I am certain it is coming, but there are some fantastic contributors on this board and I feel this is something that having drawn up, I could share with the community!
Here's to a proper lift off in 2019!
The down trend is coming to a head with the wedge also now meeting historic levels of support and seeing in an increase in resistance in the form of buying volume.
It has been rejected around the 25 Day EMA consistently since July and broke down through the support at 4.9p and at 4p. The next level of support would be where it dipped to back in 2016 at 2.61p.
I am watching for the increase in volume to continue, the RSI to show some bullish divergence and if the price can get above the 25 EMA that would be a bullish sign.
I'm not convinced we'll necessarily see 2.6p again, but I think a very real possibility of drifting to 3p and a then fresh start as we start 2019. We may even see a wick down to 3p and an influx of buying.
I'm adding at these levels and have an order to open a spread at 3p should we get that last thrust down.
At the end of the day we just need some good news and I am certain it is coming, but there are some fantastic contributors on this board and I feel this is something that having drawn up, I could share with the community!
Here's to a proper lift off in 2019!