Ausgroup has reached all time low.
A falling wedge is seen in formation.
The red colour rectangle is the area of resistance.
Assuming the low is reached (hard to predict), the red colour area should be the area of magnet and it could be a resistance for weeks or months before price heading to the upper trend line of the falling wegde.
A downtrend channel is also seen in formation. If valid, price possibly going to try to test the upper trend line.
The measured move of the falling wedge is the yellow colour area. How soon and whether it could move there remains to be seen.
Please do note this analysis is for long term hold and assuming Asugroup does not fold up due to the oil and gas sector crisis, with positive development in the pipeline. (N.B: Fundamental aspect of Ausgroup is very bad at the moment. Trade at your own risk.)
A falling wedge is seen in formation.
The red colour rectangle is the area of resistance.
Assuming the low is reached (hard to predict), the red colour area should be the area of magnet and it could be a resistance for weeks or months before price heading to the upper trend line of the falling wegde.
A downtrend channel is also seen in formation. If valid, price possibly going to try to test the upper trend line.
The measured move of the falling wedge is the yellow colour area. How soon and whether it could move there remains to be seen.
Please do note this analysis is for long term hold and assuming Asugroup does not fold up due to the oil and gas sector crisis, with positive development in the pipeline. (N.B: Fundamental aspect of Ausgroup is very bad at the moment. Trade at your own risk.)
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