Aspen ($JSEAPN) Accumulation Before Uptrend
Aspen has shown strength against a resistance. The share appears to be in an accumulation phase before moving higher. What we will be watching out for:
1. Price to find a bottom with RSI nearing oversold
2. Price to form a swing low on the daily time frame which is an entry confirmation
3. Price to go above 10 MA on a weekly time frame
Stop-loss: Anytime price goes below 30 September low (R130.25) will be a signal to stand back & watch where price action wants to go.
1. Price to find a bottom with RSI nearing oversold
2. Price to form a swing low on the daily time frame which is an entry confirmation
3. Price to go above 10 MA on a weekly time frame
Stop-loss: Anytime price goes below 30 September low (R130.25) will be a signal to stand back & watch where price action wants to go.
Kommentar:
Reviewing price action thus far, Aspen appears to be angling for a triple bottom with slightly higher lows from 5 July to 30 September. If current downtrend continues we can expect it to be halted above R130.25 or support drawn from 5 July & 30 September extended into the future. A swing low on daily chart after hitting support will be a sweet entry spot.
Kommentar:
As time drags with APN not moving up, a bearish scenario is becoming a possibility with price falling into Feb/March 2023. For now we can watch price action for breaking of R130.25, if it turns up from here focus turns to the upper trendline resistance, rejected there is an amber light that we could be heading to take out the support & R130.25.
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