I agree with you about the potential Cup & Handle formation, but too early to call yet. I understand your double bottom call but I have seen a number of C&H formations where along the extended bottom there are several places to call potential double bottoms.
Microsoft MSFT Nov 2012 to July 2023 is a classic C&H with many potential double bottoms until the turn occurred. If we get that expected news soon then your double call will be right on the money. However if we get to Christmas without the news then a return to the cup bottom is on the cards.
I watched todays action an decided to post a daily chart (it's been a while) because of two reasons. In the short term there was enough buying support to reach the previous 65c resistance point fairly easily. While trading was thin I noticed that todays volume was the best green day volume 128k since August, in the face of a market where sellers were very thin on the ground.
So the two reasons were reaching that resistance point and the days volume. So some buying interest, while not that strong, has again surfaced. If they are accumulating, they must be conscious that too strong of a demand for shares will force the price again higher like todays 9%.
Games within games.
Immediate interest is lets see what happens tomorrow at that potential resistance point.
It's a shame I can't chart the news, that would make life much simpler.
cheers Lies
PS for those interested I posted the Microsoft chart below as well to show a classic C&H pattern.
SMN Price at posting:
65.0¢ Sentiment: Hold Disclosure: Held
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