Are we about to see the formation of a true golden cross which is the bullish crossing of the 200dMA by the 100dMA?
“A real, true golden cross — a very Japanese signal — occurs when a rising 100-day moving average crosses above a flat or rising 200-day moving average. It signals positive price action.” Goola Warden, The EDGE.
The 200d MA in this case is still declining. So, the case for a true golden cross is weakened. Nonetheless, there seems to be longer term support with volume dwindling as price consolidation continues.
Although there seems to be longer term support, the 20dMA is declining and what looks like a declining triangle has formed.
Immediate support is at 58c which is where the golden cross is found. If that support should break, we could see the counter’s share price declining to 52c which is where the 161.8% Fibo line approximates.