re: possible breakout... From my SS post...
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Interesting...
It didn't exactly make an assault on 4.5c today...but it did take a few reasonable hits and we did get a 4.5c finish, with a VWAP just over 4.4c.
Today's is the highest close for about 6 months, resulting in a preliminary breakout buy signal on both the daily and weekly charts.
The "investors" will like this and may move in in the morning, however the "traders" may still wait for the 4.6 to fall before committing funds.
The daily chart looks very good but is less clear...the weekly chart on the other hand is fairly obvious and continues to look extremely bullish, with a gradual yet volume supported breakout scenario apparently unfolding.
I find this clarity on the weekly charts particularly significant, due to the slow patient and somewhat controlled nature of the rise to date, which has been underway since the reversal signal of mid September...and especially because it fits my first 10 week mini-cycle like a glove.
Good volume today...among the highest recently...all of which have occurred on significant up days, yet no indications of any blow-out activity yet...in fact, on the weekly chart, we still haven't even hit the top bollinger band and on the daily, we are respecting it having only breached it (barely) on one single occasion...the rest of the time the shares pretty much avoided any trading "extremities".
Not only does this suggest rises to date are sustainable, but it also suggests there is plenty more left to come.
Could be interesting tomorrow...if not, then sometime soon.
Cheers!
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- making good progress...key activity today
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wedgetail mining limited
making good progress...key activity today, page-5
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