From TradingView · · 1m 20s
Helix Exploration buyers defend the 23p line
One trader sees strong volume and a possible double bottom at 23p, and is calling for a 50% rebound in HEX.
In brief
One trader sees strong volume and a possible double bottom at 23p, and is calling for a 50% rebound in HEX. A support level looks stronger when price keeps getting rejected there on heavy volume, but it's a probability call, not a promise. Originally reported by TradingView.
Back to the breakout zone
A couple of weeks ago Helix Exploration broke out of a consolidation range around 23p. Now that rally looks tired, and price has drifted back toward the same level.
“That move looks like it's become exhausted.”
Buyers show up again
As price got close to 23p, buyers stepped back in. The old breakout area seems to be working as support now.
“as price has approached that key level, we've seen buyers step in again.”
Two rejections, heavy volume
Price tried to break below the level two days in a row and got pushed back both times. Volume was very strong on both days, which points to real demand.
“Price was rejected two days in a row as it tried to push below, both on very strong volume.”
Volume piles up here
Trading volume is heavily concentrated at this price. That adds a second signal that 23p is a level the market cares about.
A possible W pattern
The two bounces could be forming a double bottom, the W-shaped pattern traders often read as a sign that a downtrend is turning.
“Some would call this a double bottom, potentially forming a W pattern.”
Target 36.5p, not advice
The author sees a good chance of a rebound to 36.5p, about 50% upside. It's one trader's chart read, and TradingView says it isn't financial advice.
“Price target: 36.5p Potential reward: 50%”
The short version
A support level looks stronger when price keeps getting rejected there on heavy volume, but it's a probability call, not a promise.
