ThinkTechnical 28 August

In today's ThinkTechnical we'll take a look at the technical picture for an interesting mix of smaller technology, biotechnology, minerals, and industrial stocks.

From the technology sector, we have Betmakers Technology Group (BET) and Emerge Gaming (EM1); from healthcare/biotech we have Integral Diagnostics (IDX) and Recce Pharmaceuticals (RCE); from mining, we have uranium producer Paladin Energy (PDN); and last but not least, we have scooter manufacturer Vmoto (VMT).

 

Betmakers Technology Group is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 22 Jul 2020 high of 0.525. Note however, with today's breach of this level, it will likely act as static support in the future.

Other static support points will be encountered at the 19 Aug 2020 high of 0.500, and then at the 25 Aug 2020 low of 0.440, which coincides with the 20 Aug 2020 low of 0.440. Whenever multiple support factors coincide, the market response at the zone defined by these factors tends to be stronger.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 0.450 and 0.460. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 0.525, BET is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be encountered at the 1.000 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's current high of 0.540.

 

Emerge Gaming is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static support will be encountered at the 30 Jul 2020 high of 0.034, and then at the 20 Aug 2020 low of 0.027.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 0.028 and 0.030. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 0.034, EM1 has little in the way of key price action-based static resistance points to impede upside progress. Note however, static resistance will likely be encountered at the 0.100 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's current high of 0.037.

 

Integral Diagnostics is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 11 Jun 2020 high of 4.37, and then at the 22 Jan 2020 high of 4.39.

Static support will be encountered at the 21 Jul 2020 high of 4.15.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 3.90 and 3.95.

Beyond 4.39, IDX is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be ecountered at the 5.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 4.39.

 

Paladin Energy is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term trend is undefined, as evidenced the 144 EMA located below the 233 EMA but with each EMA rising. It is likely that these EMAs cross in the near future, therefore initiating a new long term uptrend.

Static resistance will be encountered at the 24 Aug 2020 high of 0.180.

Static support will be encountered at the 27 Aug 2020 low of 0.160, and then at the 24 Jul 2020 high of 0.150.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 0.145 and 0.155. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in July. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

The dynamic long term resistance zone is defined by the 21-34 EMAs, projected between 0.120 and 0.140. Interestingly, the price has been consistently rebounding higher out of this zone since mid-July. It is likely it will continue to provide dynamic long term support until the long term EMAs cross over to officially initiate a new long term uptrend.

Beyond 0.180, PDN has little in the way of key price action-based static resistance points to impede upside progress. Note however, static resistance will likely be encountered at the 0.500 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 0.180.

 

Recce Pharmaceuticals is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 24 Aug 2020 high of 1.405, and then at the 16 Jul 2020 high of 1.520.

Static support will be encountered at the 27 Aug 2020 low of 1.275, which coincides with the 12 Aug 2020 low of 1.275.

Note that static support at 1.275 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 1.250 and 1.305. Whenever multiple support factors coincide, the market response at the zone defined by these factors tends to be stronger.

Beyond 1.520, RCE is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be encountered at the 2.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 1.405.

 

Vmoto is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 13 Aug 2020 high of 0.630.

Static support will be encountered at the 26 Aug 2020 low of 0.490.

Note that static support at 0.490 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 0.480 and 0.510. Whenever multiple support factors coincide, the market response at the zone defined by these factors tends to be stronger.

Beyond 0.630, VMT is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be encountered at the 1.000 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's current high of 0.550.