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).
It’s been quite some time since my last ARE trade; a trade that I cut-loss.
I am not sure what caught my eyes today. Subconsciously, my mind was telling me to take a look at ARE again.
An interesting development on the Ichimoku charts.
On the Weekly Chart, I can see that ARE has hit the kumo’s wall; a very thick wall and a representation that resistance is strong moving forward. And with that it turns.
While it is normal for price to fluctuate and trade within range, what caught my eyes were the price action on the Daily Chart.
On the Daily Chart, we can see that there is some kind of sell off on September 24 which results in the price gapping down on opening. This year alone, there are 5 such sell offs (with volume more than 4.7M).
From a technical analysis point of view, we can deduce the following:
For now, I will continue monitoring the charts for the indicators to align. Not vested at this point.
