Continuing my monitoring of ARE.
As of yesterday’s close, there is still no sign that it will continue to be bullish since its last gap down.
It has just rebounded off a support at around 51.78 and it is still too early to tell if it will climb higher. If it fails to climb higher and break through 55.67, we have a lower high and perhaps the a Head and Shoulder formation.
Note:
- Still too early to tell.
- Wait for confirmation
Just a couple of days back, the Reserve Bank of Australia announced rate hike and indirectly, it lead to a small surge for StamfordLand.
Though, it is clear from the chart that it lacks the strength to push through and break resistance. From the last candlestick price action, we can see that StamfordLand is not able to go beyond 0.43 and stay above it. This, to me is a clear indication that its business fundamentals have not improved yet (despite a possible gain from the strenthening Aussie dollar).
