New TA/Charting, page-10709

Hi all, here's a weekly then a daily chart with some commentary for anyone interested.

I enjoy listening to the Market Huddle podcast on the weekends and if they were looking at the LTR chart, Patrick and Kevin would no doubt be joking "THERE'S NO SUCH THING AS A TRIPLE TOP!"- referring to the typical situation where once price has tested a horizontal resistance level more than twice, it will eventually break through and mean that level was not a "top". It does not always prove true 100% of the time of course and that's why they like to joke about it.

So if you're looking at the last year of trading, you can see 5 attempts at breaking the $2 level and in the last month there has been two. Some traders will be looking at the recent price action and calling it something like a short term "double-top". But that would be ignoring some pretty bullish price and volume action over the last couple of months that suggest that price is setting up for the best position since a year ago to threaten the $2 level seriously.

Cheers, Rooster



Daily: