As one of the very few winners on a generally down day I thought it would be interesting to see what this stock is up to, technically.
We have a year long downward sloping wedge pattern. These usually break on the up side, which happened today. We have a potential double bottom pattern which requires a move above the peak in between the bottoms to be exceeded for a confirmation. That has not yet happened but is not far away. We have a stock price that has just moved above its intermediate term moving average line but the line has not yet turned up. It still requires a little more upside price action. Momentum is moving up fast but still a shade below its neutral line. The volume indicator is the most positive of the indicators. It is moving up nicely and is well above its level from the previous price peak, in lat Sept. Although everything looks like the price is set to move higher I would be inclined to wait for the break above the previous peak with a close at or above $0.42. That should then place all the indicators in their positive moods. As an aside, although the price moved up over 10% today I don’t like the looks of the day’s action. The price closed just below its opening price so in effect there was no real movement after the first trade (except slightly lower).
We have a year long downward sloping wedge pattern. These usually break on the up side, which happened today. We have a potential double bottom pattern which requires a move above the peak in between the bottoms to be exceeded for a confirmation. That has not yet happened but is not far away. We have a stock price that has just moved above its intermediate term moving average line but the line has not yet turned up. It still requires a little more upside price action. Momentum is moving up fast but still a shade below its neutral line. The volume indicator is the most positive of the indicators. It is moving up nicely and is well above its level from the previous price peak, in lat Sept. Although everything looks like the price is set to move higher I would be inclined to wait for the break above the previous peak with a close at or above $0.42. That should then place all the indicators in their positive moods. As an aside, although the price moved up over 10% today I don’t like the looks of the day’s action. The price closed just below its opening price so in effect there was no real movement after the first trade (except slightly lower).
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