the price of Audax In mid-October 2022, it began to recover, depicting a structure of rising lows and highs before reaching the long-term bearish line in black.
Later, prices corrected towards the EUR 0.7310 support level, being its previous bullish low, where we recently had a buying reaction, leaving a new support area around EUR 0.7310 / EUR 0.7360 per share.
At this moment, The market is making a fresh attack towards the long-term downtrend line in black, with volume retracement, a breach of which would be a sign of significant strength on the daily close. The next milestone will be a breach of the EUR 0.9260 / 0.9775 resistance zone, along with the 200-period or long-term simple moving average.
Supports will be the previous lows of €0.7310 / €0.7360 and corresponding support in the area of the October 2022 lows of €0.6620.
As a positive sign, the MACD oscillator has cleared all overbought and is making a new bullish cross of the 0 line, a sign of an uptrend. Later, we have seen volume increase in all bull sessions since the recovery that began in mid-October.
Audax Renovables on daily chart with average range width percentage, MACD oscillator and trading volume
