Now, I don't claim to be anywhere close to a decent chartist but from what I can tell based on the chart above is that we've already broken the blue channel and we can close above that it should indicate a bullish run. The green channel is where we are currently trading between and any close above or within that range is bullish.
We also retraced heavily from our current high of 4.4c to a triple bottom of 1.7c and rebounded to the golden ratio of 61.8% under the fibonnaci channel; any close above that should confirm that level as heavy support even if the buy/sell depth doesn't indicate it as we all know most buying and sell come from off-screen anyways (if anybody feels they want to test that theory feel free to dump to 2.3c and watch it get mopped up as easily as it was sold down). If it breaks the 2.9/3c level being the 50% retracement line which was previous support turn resistance and closes above 2.8 i would consider it a break-out and the next target would be 3.2c conservatively and 3.4c optimistically followed by 3.6/3.8 and so on and so forth.
The PSAR (blue dots) have already indicated that we in a bullish reversal at the moment which is confirmed by the supertrend and would only reverse into a downtrend at 1.8c which is fairly unlikely at this stage. Today's VWAP is hovering around 2.5 meaning anything below that level is a gift to those that can get it. There are tons of lower indicator that i'm using but to post and explain those will take up 3 posts minimum. This is just my understanding of the charts at the moment and please feel free to correct me if I'm wrong, which I could very well be about everything I've just said. I'm learning at the moment and I need the likes of @TraderGT, @forrestfield , @mitta and @share2 to correct me; which I would greatly appreciate if they did.
As usual IMHO, DYOR, GLTAH and all that jazz
CL8 Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
