building..., page-17

Ok well we have a close at 14c ...

Short Term.
We now have a small descending triangle formation in place which started on the 16 Nov. The downward support line is 14c. This small formation acts in the oppposite fashion to and ascending triangle ... ie, Selling activity (or supply) is forcing the price downwards into a smaller and smaller area putting pressure on the support area of 14c. If that support line fails then there will be a mini rush to sell perhaps making the price spike downwards. If I project that descending triangle it would normally take me to 12.5c but in this case we have a very strong support area at 13-13.5c So expect it will stop here initially at least.

Mid Term.
Also worth noting that we have a downwards trend line in place starting at high of 23.5c and touching the recent highs of the price action over the last few days. You could also argue and upwards trend line starting on 21/ 9 and intersecting low on the 28 /10 Thus giving us a large Symetrical triangle over the 3 month period indicating indecision. Important to watch to see which of these lines it breaks first... as that could give you and early indication of intended direction and targets for the next 2-3 months.

So for the moment I will stick to short term view ...I think we will see a break below 14c over the next few days ...unless...

1. The greater market has a major move (+/- 2% or greater) in either direction... or

2. a +/-ive Ann is released.

All IMHO.