Alas the potential of a break higher didn't break higher as expected but rolled over and fell back to the long-term support (blue dashed line). Anyone who did buy back in August would be down 13% (although a break below the channel would have been a logical stop loss). Price has bounced off the support this week but would need to get back over $1.80 to signal a recovery is probably under way with higher prices possible. Price also needs to close above the weekly downtrend (black line) for 2 consecutive weeks to be a potential buy. 

AWC 9 October2020

10 August 2020

AWC has potential for both long-term and short-term traders. The former would be waiting for a break above downtrend but a short-term trader who understands charting might buy now. The short- term trader might see a potential 14% gain if price heads back to the top channel boundary and if price then breaks up there is a possible resistance break pattern with a target suggesting 30% gains. This analysis is complex so you’ll need to have read my material or have a good understanding of charting to understand it, but the video below may help.  

AWC 10 Aug 2020

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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