GREY:ISOLF - Post by User
Post by
CmoneyBmoneyon Jun 29, 2017 12:24pm
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Post# 26419817
Charts Look Great - Short and Long term
Charts Look Great - Short and Long term Short term, bullish pennant formation is looking very solid. Long term a Cup and Hnadle formation is playing out.
"The cup-and-handle pattern is a signal of consolidation within a trend, where the weaker investors leave the market and new buyers and resolute holders stay in the security."
"An important component to watch is the handle, as it completes the pattern. As mentioned before, the handle is the downward move by the security after the upward move on the right side of the cup. If the handle is downward moving, the general rule is that the handle's downward movement can retrace one-third of the gain made in the right side of the cup. During this downward move, a descending trendline can be drawn, which forms the signal for the breakout. A move by the security above this descending trendline is a signal that the prior upward trend is set to begin."
The rule regarding the retracement of 1/3 of the gain would explain why the BID is so heavy from 0.17-0.16.
Ndaloisi is the chart guy and called this triple bottom from 0.10 a few weeks ago, maybe he can confirm, just something my platform caught. Definitely seems like the weaker investors are leaving and resolute holders are staying strong, thinking more long term.