April charts

Its almost a month since I posted a chart & I am pleased to say that nothing has changed for the worse since that last post. Sadly it hasnt got better either.

If things turn to s..t after I post this then & old mate mm dumps it then I will give up posting.

So, just to recap on that last post in the ‘End of March” thread started on 28^th March.

The chart still looks crap & I still haven’t seen anything in the last month to indicate any major sell off. It still looks just like churning by the big players to me.
The volume so far is very low in comparison to the previous month (about 10 mill less atm)
The base of box 8 is still intact and in fact has not quite reached the indicated target of $0.095 but $0.097 could be considered near enough I suppose.

The chart action has been nothing out of the ordinary since my last post.
In the last two weeks the low of $0.097 on the 14 April bounced off the projected lines which were place way back on the March week 4 thread, which started on the 19^th March and just confirms that the sp is following the long term trading pattern (unfortunately that is down) but is still in the trading range.

There are some interesting looking indicators atm particularly on the weekly chart which may be an indication that a reversal is close. (or not lol)
The Bollinger bands have narrowed sharply & look very similar to when the sp originally took off from the same price level back in Sept 2015. The low back then was $0.095.
The volume has been steadily falling for weeks & is also about the same average as the Sept 2015 breakout.
There is a small divergence showing on the daily. (The indicator making a new high & the sp is not)

When I look back through the action as we have progressed sideways in box 8 I can see a couple of interesting things.
The first is that we have essentially reached the downside target of box 8.

The second is that the box can be divided into what looks like 3 distinct minor trading ranges.
The first two have completed.
The third one is either consolidating in the middle of its projected range & may be about to reverse. (This corresponds to the base of box 8 & its projected target) The indications given by the various indicators and volume over the past weeks could be backing this assumption up but I am not confident about that yet.
I would like to see a big volume up day to get off the current lows & back toward the $0.115 – 12 levels again.

OR
it has reached its half way point & is going to make another attempt to push down through the support. Consolidating on the lows is not generally a positive thing in a down trending market.
The projected downside target based on the three minor range boxes inside box 8 shows a downside target of about $0.087 or thereabouts.
Three out of the last 5 attempts to push the sp down though support have been failures but have all occurred in the last 21 trading days & all at the bottom of the range.
I have shown 5 areas where the mm has tried to force the sp down.
#1 is a temporary win. #2 is a definite win. #3 is a failure. #4 is a failure & #5 is another failure.
The last three attempts showed increasing volumes prior to the attempts but ultimately failed & the sp made small reversals.
The fact that the mm has managed to close the sp down at $0.105 or less for the last 21 trading days does not really lead me to be positive just now but on the other hand there does appear to be consistent support at the base of box 8 so I guess that is a positive of sorts.

So my opinion for what its worth is that while there is still no bad news to warrant the sp to be driven down further there is no reason for it to rise either, therefore we will be more than likely to see further attempts to push the sp down. If that happens then I guess that the next projected low target will get hit eventually.
The rising volume as circled on the daily shows what could be the next attempt being close.

On a positive note, the inverted chart shows a stock (at least to me) that just has not got the oomph to go any higher with lower volume & a possible rounding top. It does not look like a bullish chart to me just now.

I am still happy with the way the sp follows the patterns & think that the charts will signal when a reversal is about to happen.