The share has retraced from it’s medium term high of 23899c to having tested it’s recent swing low of 19500c. As we have noted via a previous note, the gap close at 19950c was a target, which we have seen over the last week while the prior breakout level is where the share is developing a minor series of higher lows. We also note the trend line support in place since December 2020 while the 7-day RSI’s bullish divergence supports the idea. It’s possible that the share sees a ‘flush’ toward the 19400c-19700c area at which traders could look to buy on the expectation that the downward trend line (A_B) is breached.
Provisional Trade Levels:
Buy if it trades within the 19300c-19600c range
Target Range: 21000c-21300c