Strong upside trend and broke 46.38 at yesterdays opening, but closed down within normal range suggesting a false signal, and that the resistance remains. RSI suggests a temporary sell pressure. ADX buying pressure is accumulating, but is likely dependant on earnings when declared 29/04. Within the next two trading days price likely to come down to around $40 to meet support line, then rebound towards 46.38 again to finalise consolidation triangle.
Boundaries
Risk / Reward
Boundaries
- If upward channel broken, two breakaway gaps and one runaway gap at 33.10 form a weak support. Prices could progress downwards to 20 in worst case.
- Strong resistance at 46.38 and intrinsic value set at about 55.29 (slightly lower than absolute peak).
Risk / Reward
- Possible long gain if bought now (42.17) set at around $13.12 (31%)
- Possible long loss if bought now (42.17) estimated at. $9.07 (21%)