RE: BounceLets get technical...points of interest...
Bouncing off the bottom trend line, may suggest a potential beta bounce return to top trend levels from two years ago...
After a multiyear $3.00 top level of sp resistance with a cup and handle chart formation, it is not uncommon for a 51% Fibonacci retracement. One theory is the sp is went through this topping off near the $1.87, and retraced back down to 0.80. The current run could suggest only a 25% Fibonacci retracement down to $2.00 double bottom.
Either way, the beta should accelerate from here...lol.
The sp motive wave height from Aug to Oct 2013 increased between 100% and 200%. At today's sp that could indicate an inverted head and shoulders chart pattern, and send the sp levels north of $5.00 over the next quarter.
Given the gravity of near term impact of no news means all systems satisfactory, and a retrograde matrix of catalyst...PLI will require further funding to get the building up to snuff, advance pipelines, access capacity initiatives, new molecule, and expand business model....
Currently, the moving day averages are converging between the 50MA $2.34 and the 200MA $2.17.
Mind the gaps...or potential lower sticky wick days...there appears to a divergence in the mix near the SAR $2.14 level. Therefore, a racing bounce back to the $2.25 level, and this will quickly pave the way to breakout level near $2.40 level.
The relative strength RSI is neutral at the 50 level with good support and increasing towards the 75.
Both the MACD and the ROC appear near zero and set for another climb to 20 and 40 retrospect.