Today we are still exciting the saucer, haven't formed the handle just yet.
Saucers can take months or even years to form and exit, so a very important pattern and they do all ways result in new price trend. As I said earlier they are far more important than double bottoms as they are stable sideways motion and exit with curve, on exit volume up as we see with czn. In the middle of saucer, dry volume as we also saw with czn.
Today the 0 4 is cleaned out, more volume like we have today is all that was needed, its also not massive volume that has done this.
All week all sells have been at 0.4, bar yesterday at 0.3 and a few mid points. The volume this week at 0.4 has been close to 98%, so this few 0.3 yest just 2%. So it was only a matter of time till 0. 4gone as sellers controlling the price.
At any point all week there could have been bucket loads at 0.3 and there was not.
More than 300m have been accumulated the last 2 months, eventually the excess stock will dry up, only then will czn move.
I believe this stock is excess from the cap raising at 0.3, is why none were sold at 0.3. 333m shares is roughly what's been flushed out also. Just not enough volume between cr and Nov for those shares to have come from market trade.
Few mid points today at 0.45. Have 20m at 0.4. I feel these are investors that want stock. If those midpoints were not done through the week at 0 35, those that got the stock that way would have missed out as 100m at 0.3 with less than 4m traded into it all week.
If we close at 0.4 this week, won't have had a down week in 8 weeks. If closes at 0 5, will have passed 0.4 support and close at 8 week high. If 0.6 busted out of saucer.
0.6 close at any point, Historically important as 18 Dec 18 was the last time it closed 0.6. Ie the length of time and many attempts makes 0.6 important, ie if fails to close at 0.6 and pass, will retrace, if does will go higher.
0.6 is the key to watch here.
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