WSA Weekly Chart Outlook 15/01/2016.

Before I dive into the analysis of WSA it may be worth reading the news @ the link below, if correctly inserted : https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&sqi=2&ved=0ahUKEwiS25Ko0cLRAhXKp5QKHR_wBTIQqUMIGTAA&url=https%3A%2F%2Fthewest.com.au%2Fbusiness%2Fmining%2Fnickel-producers-hammered-as-indonesia-relaxes-export-ban-ng-b88354633z&usg=AFQjCNE2aulB8tgRMwhcoD12rC8V-Y1iyQ&bvm=bv.144224172,d.dGc

This stock (WSA) alongside BAL may be amongst the mostly shorted stocks in our market as of this writing. Lets look at the weekly technicals of this nickel sulphide explorer  and producer, WSA. It’s trend analysis as follows:

Long Term Trend : Down

Medium Term trend : Flat

Short Term Trend  : Down 

Diagonal solid red trend line drawn from it’s GFC peak contained the price action behaviour ever since, acting as a long term supply line within it’s major down trend. Violated trend line in dashed Blue was reflective of it’s medium term trend. Once violated, it had changed it’s the medium term from down to neutral/flat/trading range. RESOLUTION OF THIS TRADING RANGE IS LIKELY TO DETERMINE THE DIRECTION OF IT’S NEXT MAJOR TREND may summarise this analysis.

Lets focus on the latest pattern. Boundaries of WSA price action behaviour is contained within the dashed Red support ($2.30 – $2.40) and resistance lines ($3.30 – $3.40). A decent size trading range IMHO for those of us who has the ability to operate around the edges of it.  

Another significant & major support which may be worth noting is the zone of $1.85 – $2.00 should the zone at $2.30 – $2.40 fail on any retest. 

Currently WSA is testing it’s 40 week SMA( not shown) which may also act as support of some sort.

wsa15012017

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