Continuing to watch the neckline. It has succesfully defended it a number of times now but we haven't seen a full rejection and rally, so I'm of the view this will continue to fall.
For information. Monitoring this in the near term.
Lost the 200DMA but found support from the rising wedge. This may be a good entry level.
Short term trended resistance was the barrier last night. 1st quartile on the median lines.
The long-term falling trendline has been attacked without success multiple times and failed. You might have expected a deep retrace from this but it's not yet occurred. French elections obviously hold uncertainty which Gold likes and I see short term weakness in USDJPY so all this may conspire to either have Gold hold this line into the falling wedge OR possibly...
Breakout from falling trendline. Targeting the median line at $1346
Pattern holding. Working it's way down to target #1
Very deep retrace from the spike on this chartbut holding above the 200DMA. Whilst the price remains above the rising 200DMA then this appears good value. Could hold entry looking for a full pull back onto the 200. Likelihood of bounce if it goes that far pretty high.
1hr chart. Gartley formation. Struggled again at 109.350 / 109.4 which is 50% Fib line on my daily charts.
Lots of positive news out about this company. Just produced first gas, flow rates look good. Technically very deep retrace (61.8%) from the prior high, should set this up to achieve the Fib extension at 161.8%. Trendlines are converging. Timing looks right.
Broken and retested 2.80p which is the 50% retracement level. This looks like a new support level now & crucially brings the upper half of this chart into play.
This structure looks firmly in place & should give us a rise / retest of the major resistance at $18.50
Higher low today. Creeping up the rising trend line. Got to be a matter of time before it has a go at $18.50 again.
Broken and retraced back onto the median line on this chart. Upper boundaries of the pitchfork now in play.
Arguably this bounced off these median lines & not the 200DMA leaving the downtrend intact.
I make 109.350 the next area of interest. Bounced hard off the 200DMA (after an Intraday low well under it) but failed to push on overnight. May be the place to reopen shorts. Fundamentals point lower here too I think. Poor CPI may just have been the first sighting.