Reading ChartsLet’s look at the price action within the last week and see if previous patterns were negated and if new ones are forming.
Starting with the Daily Chart
The Good: Diamond Pattern is still intact (I think) providing that support line will hold. You can see price bouncing off of that line in the last minutes of trading. We are just on the KAMA.
The Bad: RSIs/CCI/Stochastics are moving lower and TSIs which are still positive are curling down. Price created Lower High
Support at this moment: 0.37and 0.34. If price goes to 0.34 Diamond Pattern will be replaced with Wedge – which can resolve in any direction.
I opened positions after price moved above 0.42 and still holding. Certainly wouldn’t add to my positions now, but will hold for clarification and possible pattern change.
If you look at weekly Chart,
it’s still positive. Also Bearish Shooting Star (Doji) is a reason to worry. This type of signals require confirmation (so, we have to wait a week).
I added 60 Minutes and 10 Minutes Charts
and dome some analysis on volume and price movement.
Added volumes on White Candles (when price was going up) and done the same for Black Candles (price was moving down). When you looked at price action last Friday you would see 1.1Mlns share traded when price dropped 9.20% (quite a loss on relatively decent volume). Volume was however higher when people were buying. Stock is being pushed by the traders and at this price C$0.03 is about 8% gain. With $10K trade you’re making C$800 – better than a day pay sitting in the cubicle listening to bittering boss.
TA works better with higher priced stocks with some kind of investors behind them and some stability so make your own decisions.
Like most of you already said number of times – it’s very speculative at this point and you can recommend it to your in-lows only (providing you don’t like them too much off course)
Happy Trading