Chart of the week: why this bear became a bull

TL;DR

Despite recent bearish comments, the chart analysis suggests a potential rally phase for Fresnel oh, with a target around the ten pound region.

Transcript

hello it's John Burford with chart of the week for Monday the 6th of April and today I'm covering an old friend Fresnel oh the footsie 100 silver miner and you may be surprised in view of the my recent very bearish comments in the last few charts of the week but I have a bullish core on a share amazing it's an ill wind isn't it ok here's the here's... Read More

Key Insights

• 💹 The chart analysis of Fresnel oh suggests a bullish outlook, with potential for a rally phase.
• 🧀 The wedge pattern on the weekly chart provides accurate resistance and support levels.
• 👋 The momentum divergence and zig-zaggy waves signal uncertainty and a potential reversal in the making.
• 👋 The spike move down followed by a strong rally could indicate a selling climax and a good opportunity for investors.
• 🤕 The presence of a possible head and shoulders pattern further supports the bullish outlook.
• 🥹 Overall, there is a lot of evidence backing the claim of a potential rally for Fresnel oh.

Questions & Answers

Q: What does the wedge pattern on the weekly chart indicate for Fresnel oh?

The wedge pattern suggests a potential rally as it shows a downward sloping trend that often leads to upside momentum. It also points to accurate resistance and support levels.

Q: What evidence supports the bullish outlook for Fresnel oh?

The momentum divergence at the recent low on the weekly chart is a significant bullish sign. Additionally, the overlapping and zig-zaggy waves at the end of a long bear trend indicate a potential reversal.

Q: What is the significance of the spike move down and up in recent action?

The spike move down followed by a strong rally could indicate a selling climax, especially as it broke above the upper wedge line. This could present a low-risk opportunity for investors.

Q: Is there a potential head and shoulders reversal pattern on the chart?

Yes, between the two highs, there appears to be a possible head and shoulders pattern. This pattern suggests a reversal to the upside and supports the bullish outlook for Fresnel oh.

Summary & Key Takeaways

• The weekly chart shows a wedge pattern with accurate touch points, indicating potential resistance and support levels.

• A recent low on the chart exhibits a significant momentum divergence, further supporting the idea of a rally phase.

• The overlapping and zig-zaggy waves at the bottom of the chart suggest uncertainty and a potential reversal in the making.