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Possible consolidation at support/resistance.

May 7, 2018

Hi Traders.

 

Now that all of the public holidays and long weekends are over for the next while, we can hopefully get back to more stable, uninterrupted trading.

 

The sideways channel that the ALSI has been trading in for the last while remains intact, with the price moving slowly but steadily up to the resistance at the top of the channel. If it continues with this trajectory we could possibly hit the resistance zone in the next few days or so.

 

 

Failing the upward move, we could also see a bit of sideways action this week as the current price is trading around the 51 000 level, where it has seen some support/resistance in the recent past. If it breaks below the support, it might very well come back up and test this area before finding direction.