As shown below, there's a massive cup and handle forming on that daily chart - which is very bullish. The question is - how long will the handle be?
Note there's very rarely a perfectly formed cup and handle so I've drawn a rectangle to do my analysis below.
Using this as a general guide - http://www.investopedia.com/university/charts/charts3.asp
If the handle is downward moving, the general rule is that the handle's downward movement can retrace one-third of the gain made in the right side of the cup
The depth of the cup on its right side is 2.4c (5c - 2.6c) so one third of that would be 0.008c. We've retraced 0.009 as at close of trade today, so hopefully it holds around this level. Note the 4.1c close was heavily manipulated - alot of volume was done at higher levels today. If this pattern does play out, expect a short term target of around 7c.
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