After reaching a high of just above Php23.00, Atlas Consolidated Mining (AT) was met with heavy selling which caused it to retrace back to the Php20.50 area. At that time, February 24, we noted that AT may rally once again as it sit on two bullish southern dojis at the top of the 38.2% Fibonacci retracement level. It briefly rebounded shortly thereafter but quickly revisited its previous support. On second try, however, AT did not look back and went straight to its previous high of Php23.00.
AT write-up from the Trading Edge Equity Advisor:
February 24, 2013
Atlas Consolidated Mining (AT), after speeding to a high of Php23.00 in the first week of February from just around Php17.00 in early December, recently retraced back to just below Php21.00. In the last two days, AT has formed either a doji or a hammer candle which are both bullish in nature relative to its recent descent. Upon applying the Fibonacci retracement tool using the Php23.00 as its swing high and the Php17.20 level as its swing low, AT now appears to be suspended in the 38.2% Fibonacci level. With price and its RSI showing a hidden bullish divergence, AT could stage a rally in the near term. If it does then it may reach for its recent high at Php23.00
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