Good morning chart lovers, something to ponder over a morning brew....
Chart indicators are looking very positive. A strong dragonfly green candle indicating a positive trend reversal with buyers in control. This indicator on a down market day becomes even more significant. OBV continues an upward trend with the RSI and DMI both trending positive. Not so clear in this chart is that positive divergence has occurred on the DMI on Thursday.
The OBV rose substantially due to the increased buyer volume of Thursday and Friday outstripping the selldown on Tuesday and Wednesday by 2.75 times.
We should see the resistance of .032/.035 broken easily. If the resistance at.035 is broken, then on to .04 quickly. Thereafter next resistance at .043 and then blue sky. I believe .040/.043 will be achieved quicker than the chart indicates though, low shares on issue and a lot in the top 20 held tight. With so much good news out and still to come.
TNC Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
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