Sovereign Metals Ltd: SVM.AXRecent uptrend and rest
If 20c can hold, watch for break of pattern to the upside
Drop off in volume
Price above all EMA
SVM trade ideas
SVM to re-test strong resistanceat 0.12-0.14?SVM showing potential for a move up towards established strong resistance above $0.10
On this hourly chart, watch for RSI to bounce off of RSIMA(30) as the SMA(50) closes in on the SMA(200) within the highlighted red box (or later, who really knows?).
On the daily chart, this will be seen as the SMA(50) rejecting a bearish golden cross.
Market Depth:
Appears bullish due to 1,962,873 Buying Volume to only 1,430,988 bearish volume.
BUT: note this is a highly illiquid low value stock, AND when we look at the bullish volume it is distorted by a buy order for 1,000,000 at 0.075, which would be a re-test of the late May low (but still a gain for the YTD).
What do you think?
