A descending triangle has formed over a major support level @ 19.5c.
A breakdown from here will have a target of 14.5c, (a 66% retracement from 34.5c if 4.5c is taken as the start of the current trend).
http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:john_murphy_s_ten_la#know_how_far_to_back
This will have to happen soon as Monday will mark the crossing of the 75% point of the triangle.
"The best breakdowns occur ½ to ¾ of the way through the pattern. Breakdowns that are delayed until prices crowd into the apex usually fail or are mediocre at best."
However -
"Similar in concept to ascending triangles, if a stock forming a descending triangle were to trade up through its upper trendline opposite the overall trend, then the trendline should be redrawn, and the stock is still playable as a short when support is broken."
http://www.leavittbrothers.com/education/chart_patterns/descending_triangle_bearish.cfm
IMO, DYOR
Regards
Chalea
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