Many people are scratching their head wondering why the bought ASX:QAN and it is stuck and not following other stocks recovering. But the TA has all the answers here.
Look at the green line that is the 50MA, the stock could not go beyond this key indicator and on the contrary it tested it and failed to break it.
The price action structure doesnt look bad as the 0.236fib has been acting as support so far but again for those who impatiently want to buy this stock, I think it is better to wait for the price to close few days above the 50MA. And target can be calculated according to your trading TF.
Atm the daily velocity has turned negative which is a warning signal though weekly velocity is positive which is a good thing for the bulls. RSI is neutral so nothing much about it.
Keep you updated when things change.
Look at the green line that is the 50MA, the stock could not go beyond this key indicator and on the contrary it tested it and failed to break it.
The price action structure doesnt look bad as the 0.236fib has been acting as support so far but again for those who impatiently want to buy this stock, I think it is better to wait for the price to close few days above the 50MA. And target can be calculated according to your trading TF.
Atm the daily velocity has turned negative which is a warning signal though weekly velocity is positive which is a good thing for the bulls. RSI is neutral so nothing much about it.
Keep you updated when things change.