5GN TA chart, page-258

Hi all, there's been some very nice signs of strength developing in the chart over the last couple of weeks- below I've marked up with some commentary for anyone interested.

The "less healthy" up-slanting flag consolidation I commented on about 3 weeks ago since turned in to an almost textbook bull flag and even had a price spike after volume diminished to zip. But this got smacked down on the 1st July with some heavy selling- half a million in the first 25 mins- which threatened to trigger and build downward momentum.

But as it turns out the selling pressure was short lived, and the next attempt to drive price down (5/7) ended up being the initial sign of strength to start looking for good entry points. I found a nice low risk entry on Wednesday at $1.51- probably could have been a bit lower but I can be pretty conservative. Anyway Friday's low volume test bar is a positive sign that it could be preparing for the next move up and has just about completed this little consolidation period. Perhaps a little more clearing out supply but really it looks like the next area where price might bobble about is at about $1.69- $1.70, where a bit of supply was found a couple of weeks ago- depends how strongly price approaches this area. After that then we might be joined by a few breakout traders etc that might help with adding a bit of momentum to a move upwards.

Another interesting week ahead- good luck everyone.