Hi Michael, nothing really unusual at this point, just seems that way when you're glued to the screen.
You can see AXC is and has been testing the "gap from" support at 2 5/8.
It has (on a closing basis) been successful so far. The apparent discrepancy
is the gap from was technically a $2.68--2 5/8 while 2 of the closing tests have been $2.62--2 5/8.
geocities.com
Anyway longs are hoping that AXC holds at the upper green lines of support, whereas wannabe longs are hoping it breaks down and tests the "gap from" at 1.93, or 2.00 to fill the gap.
Just as a matter of interest, check the blue and white moving averages (6, 10 weighted)...I like to use the white cross over blue as a buy and the white cross below blue as a sell. Obviously it doesn't work in a flat trend.
"Buy and sell" is probably a misnomer, positive and negative would be more accurate and of course should be used in conjunction with other indicators....blah, blah..
As you mentioned, AXC is oversold on the daily chart, so a quick pop is not out of the question, it's the weekly chart that still gives me reason to believe a test of 2.00 is likely, when (if) the 2 1/2-2 5/8 level is broken on a closing basis.
I don't own AXC at the moment but if I were long I'd like to see a steady basing pattern, much like the one that occurred from Oct.-Jan. except of course at this higher level.
All these scenarios preclude news, rumor etc.
Good luck, I enjoy your posts.
Stan |
