Reading ChartsAnd we’re all happy. Chartists were right, fundamentalist were right and all others too. Were right. So where are we now?
On daily Chart we’re back inside ascending channel and facing old support line (green) as our next resistance. Probably around 2.59. And possibly next step will be channel upper trend line around 2.90. All indicators are pointing up. Are we going to move to new highs right away? Hope not. Always followed by correction. Like last one.
Support on bottom channel line – around 1.90. Would be nice for stock to give up some gains, consolidate around 1.95 – 2.10 and build energy for next move. I never prognosticate – charts are not telling us anything about consolidation so don’t count on any.
On 60 minutes I don’t see much of the defined pattern. Rising Wedge ? Not really. A bit overbought, that’s it.
Weekly Chart is showing hammer in the downtrend. We need confirmation showing more buying next week. True Strength Index needs some time to turn upward but still sits in positive territory – never went bellow zero.
This company gets proper PR at the very right moments. Is it just company’s report or BNN guests make positive mentioning. Still waiting for Canaccord. Maybe next time when stock is under pressure.
Happy Trading