I reported earlier in the month that A2 Milk was showing a good formation of a head and shoulders pattern.
This week we had a confirmed breakout of the neckline, here is my complete analysis.
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Disclaimer - This in not financial advise and may not fit your financial needs, do you own analysis before investing any of your money or seek advice from a qualified financial advisor.
This week we had a confirmed breakout of the neckline, here is my complete analysis.
- Price has fallen and closed below 30EMA (weekly).
- Price has fallen and closed below 200EMA (daily).
- CCI indicator(daily) is reading 222, which is a sign of strength to the downside.
- Mansfield Relative Strength (XAO)(daily) is below zero showing A2M is under performing the All Ords.
- Price has closed below Neckline of Head and shoulder pattern for 2 periods (confirmation).
- Target price on the down side is roughly $10.7, using a 30EMA weekly as exit once price closes below on weekly time frame.
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Disclaimer - This in not financial advise and may not fit your financial needs, do you own analysis before investing any of your money or seek advice from a qualified financial advisor.