a second set of eyes (chart)

Just before I head out for the night I thought I would have a go at charting for once, and what better stock to trial it on than CTP.

Here we have a longer term chart. ORANGE support lines turned to resistance down the track. There were THREE occasions when a candle bucked the trend only for the share price to fall afterwards. Each of these candles had a high daily range and closed below the open price. Also note that the share price is drifting in the upper section of that trend channel at the present time.

[URL=http://img517.imageshack.us/i/ctpax20jul09to05aug10.png/][/URL]

And here's a shorter term chart. I apologise for the captions crossing over each other. Two things I noticed. A bullish hammer helped the share price buck the downwards trend for a while there. Also there a converging trend lines of the lows and highs at the moment. This could indicate a bit of a significant move in one direction or the other. Unfortunately apart from that pennant forming I can't find anything of positive note in the charts at the moment. CTP has an all time low of 5.3cents and I think it will test that low in the next few trading days unless JH comes to the rescue with some good news.

[URL=http://img256.imageshack.us/i/ctpax19jan10to30jul10.png/][/URL]