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AXE - ARCHER MATERIALS LIMITED


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keep rubbishing AXE, melua;

maybe you can ramp it down to close the gap. I'd love to pick up some more at 18.5c before it breaks resistance above 22c :biggrin:

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Arty,

I dont really understand what you see as attractive on this chart.

Am inclined to agree with Melula. This stock cold easily reach 10c by time it washes out all the new supply of trapped traders.

I see you marked MACD divergence on your chart, imho any chart will show divergence following a 50% decline in little over two weeks. MACD is purely indicating a slow down in the rate of price decline, does not indicate a likely trend change though.

The massive blow-off in May rejected further price rises and signalled a retrace to the lower reaches of monthly trading range was on the cards. Since then every attempt by demand has been belted with more selling.

I dont see any reason to warrant risking capital here. Wish you luck with this one

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