AST trade ideas
#AST #AscentResources - Clear cup-and-handleWell we got a lovely little handle now too on the hourly! So as a bullish cup-and-handle is potentially in play, I reckon there could be a very good trade opportunity here with a clear minimum target.
IMO it should start turning up again within the next few hourly candles - based on the Stochastic approaching oversold. Then break the top of the cup level (possibly with a backtest first) and it's a confirmed setup.
#AST #AscentResources - Upswing on the 15 min, but then what?As this has been fast-paced since yesterday's surprise RNS, the 15 minute chart seems best to get a handle on what's going on.
The 50% gain began to retrace, as you'd expect, and found a previously long-standing diagonal resistance to use as a support bounce. Because it formed a bullish falling wedge it should go up again initially, but then decision time - have we just had a full W2 correction, or only part "A" of the W2 subwave? It should quickly become apparent depending on which path I've shown here is followed. Won't be long until we find out.
If you're a trader I'd say hold off until we know if the "B" and "C" sub-wave correction pattern is yet to happen.
If you're a holder I'd say continue to hold as either way the share price should eventually extend up above yesterday's highs, given the fact that no matter what, Wave 3 (the largest impulse wave) is still yet to occur.
Ascent (AST) - Long at around 1.10 (give or take 0.05p)Fundamentally sound business but CEO's recent interview makes the short-term wins (like the IPPC permit) sound less imminent so will probably see some people trade out before coming back later. Therefore expect another visit down to bottom of channel before bouncing and then potentially breaking top out of downward wedge.
Ascent Resources - Looking goodLooking at AST we can see strong support from the convergence of Moving averages since price crossed the 200MA back in July.
Today has seen a massive spike in volume from 2p, with both the RSI and Stoch oversold. Price also coincides with the .618 fib level.
This is a buy for me on tomorrows open if price breaks above 2.2. If it doesn't I will look to buy at 2p.
Stops at 1.7
TP 4p
