This is another chart of Admedus, a Healthcare stock I have followed and frequently posted about, over the past 4 years. I acknowledge that I am a shareholder, and therefore have a pecuniary interest in the stock, but I have tried to be objective in my appraisals of its fortunes.
This daily candlestick chart records the price action of Admedus over the past 12 months, and notates company announcements in relation to price spikes in that time. The most recent price action shows sagging below previous support at 29 cents to a new low of 25 cents.
In the last 6 trading days however an uninterrupted impulsive movement higher has emerged at a time of general market negativity, which is testing resistance at a long-standing support level of 33 cents.
If penetrated, and becomes a level of new support, this would augur well for re-rating of the stock to reflect its future prospects.
As always, readers should not rely on technical analysis alone, but seek professional advice appropriate for their risk-tolerance, from their stock-broker.
Categories: Chart Analyses