breakout?, page-27

Torpy, you started the thread asking from a charting perspective. While I will not post the chart as I am lazy, you can all easily see it in your trading website free charts etc. The daily volume yesterday was explosive and very positive, this can often signal a break north.

Secondly, the current Oct-Feb chart daily mimics very closely the June-Oct chart on a daily basis, and look what happended Sept Oct!!.

From a more rational weekly perspective, yesterdays volume has already outdone most whole weeks for the past 3months, indicating a real swing in buying pressure. Additionally, it gives us a smoother view of the chart, and after much consolidation in recent weeks, we look to be breaking up the right side of a cup and handle pattern. This means our aim is to run to about 1.10-1.20, before a slight pullback, and then it needs to break through to a new high.

If this happens in the coming weeks, the sky is the limit, and thus we will need good newsflow to create this chart action. What it means in real terms is that if we break through that old resistance, there is no one left to sell and get out even (after buying at 1.25 back in oct.

I am not expecting a double bottom, because we had such a flat few months on the weekly chart.

All bodes well for the short term, where $1, $1.10 is easily doable, and pending the new we are waiting for, a break beyond 1.25 = blue sky with no overhead supply.