Austal is an Australian company that specializes in the design and construction of aluminium vessels. Its main products include passenger and freight ferries, luxury yachts and military vessels.

The technical setup for the share is demonstrated in the chart and explanation below.

CHART 1. WEEKLY AUSTAL

CHART 2: DAILY AUSTAL (ASB)

The weekly chart shows the formation of an early up-trend after a long down trend was followed by a period of consolidation.

The daily cart shows a series of higher highs with a resistance breakout two trading days ago. I am looking to take a long position trade close to the resistance level with a stop under the support level of $1.12.