Hey Mate... I've posted the daily and hourly charts and and...

Hey Mate...

I've posted the daily and hourly charts and and here's what I feel

Daily



The stock ran hard from the 18/12 to pretty much till the end of the year...a solid 30% rally. It is completely normal to expect a pullback along the way for it to gather momentum and hopefully continue on with trending up.

Yes, 13th's analysis was based on Fibonacci retracements which is the retracement of price from a low to a previous higher point. The views on the possibilities of where the stock might head were based on these fib retracement levels. Think of these fib retracements as levels to which prices can potentially maganatise. They especially get magnatised to these levels when previous support/resistance levels are lined up with what fibonacci is laying out. This is called confluence.

Note 38 cps acted as support during the May-June 15 time period and and now appears to be short term resistance and lines up with the 38.2% fib retracement level.

on 29/12 price reached 38cps on the high, the next day it tried to hammer out this level flat and just fell short. The move was hindered by the appearance of a high wave candle on the 4/1/16 and yesterday we saw another bearish candle which closed on its low.

Best case would be some sideways action to build a bit of momentum and crash through this resistance. In terms of a target...well it is conceivable for price to levitate to around the 44-45cps area the 50% fib retracement level and run into a headwinds again as this region was previously a strong support level.

Hourly



Had a chance to observe trading the last few days so thought I'll chuck in an hourly chart. This is probably more useful if your looking at salvaging a potential trade rather than the longer TF's. You can see how it nicely consolidated from late November to mid December and commenced the next leg up.

Traders look to play the expected “Measured Move” portion either once they feel price has found support at the bottom of the flag (very aggressive) or when price confirms the upward move by breaking above the higher declining trendline.

The measured move based on the flagpole is circa 10pips (as things stand now) which is a target of what... 45cps...so yea more "confluence" I suppose....haha!......

Anyway...this is just based on fib and some geometric trendline based analysis. Who knows what can/will happen..

But one thing is for sure, as long as the company keeps updating the market, which btw I'm sure it will, more frequently than last year this will continue to nicely trend up.

Quite happy with how this is going so far and really looking forward to what the company does this year to create more value for us sharesolders.

Hope this helps mate...

Cheers