ADRIATIC METALS - ADT - ASXCHART SETTINGS
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Chart is Logarithmic
Weekly Timeline
Green boxes are FIB to the upside drawn from major pivots (marked with yellow dots) . In the box, 0.382 = top of box and 0.618 bottom of box
Red Horizontal box = Major Support/Resistance zone
Black Inclined Dotted line = Major Support Trend line
ABOUT THE COMPANY
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Adriatic Metals Plc is a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.
Market Cap = 1.07Billion (20/07/2024)
WHAT I SEE IN CHART
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ADT in its Logarithmic setting seems to respect the Black dotted trendline. It acted as support in the past.
In the last 2 touches to the Trendline, the price also visited the FIB 50 levels of that move.
This time, while its touching the Trendline, the Price just visited the 0.382 FIB level.
The Horizontal Trendzone (red box) acted as support and resistance in the past.
On the FIB extension there is a 1.618 to the downside. Price at that level is 3.02 (Psychological number too)
THOUGHTS
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Will it respect the Horizontal Trend Zone and Inclined Trendline this time as well ?
It may pierce through both these down to FibExt 1.618 and even further down to the FIB 50 and and grab the liquidity from there, before it goes up. Need to wait and watch.
It may go side-ways for sometime as well.
