WCG 0.00% 6.7¢ webcentral group limited.

chartists only - tagstash

  1. 873 Posts.
    Hi all,

    ARQ is looking remarkable at the moment.
    Looks to be shaping up as a divergence trade... RSI is showing acutely overbought and is diverging with price ... add to this the declining volume on this second same-level high - touched within the same week.

    Considering also that the money flow or accumulation/distribution - whichever tickles you fancy - are showing that the big money has been leaking out of ARQ since late November....

    Importantly, price has stalled at the top (0%) of a major rising fib set which commenced at the break of $1.02 and ends at around $1.76 ...

    If I was long on this I would be taking profits right now.
    Since I missed the stellar run due to lack of available funds (again) consolation maybe a decent short to around $1.58 (there is a gap there) and even further to 23.6% support $1.49.

    The oil price was up over the weekend I believe, so it will be interesting to see what effect this has on ARQ tommorrow.

    Fundamentally, there is a spud for a drilling program coming up in next few days/weeks?? so it will be interesting to see if there will be any downward pressure from those savvy traders who 'sell on spud'. Either way ARQ looks due for a pull back in coming weeks/months to me.

    Having said that it might blow straight through to a new fib pattern - lol im betting it won't.

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Mkt cap ! $8.182M
Open High Low Value Volume
6.7¢ 6.7¢ 6.7¢ $1.868K 27.88K

Buyers (Bids)

No. Vol. Price($)
1 25003 6.7¢

Sellers (Offers)

Price($) Vol. No.
7.0¢ 24537 2
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Last trade - 11.58am 08/07/2020 (20 minute delay) ?
WCG (ASX) Chart
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